Raymond James Financial Inc. Invests $6.86 Million in Mueller Industries, Inc. (NYSE:MLI)

Raymond James Financial Inc. bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 86,373 shares of the industrial products company's stock, valued at approximately $6,855,000. Raymond James Financial Inc. owned approximately 0.08% of Mueller Industries as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MLI. State Street Corp grew its position in Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock worth $329,830,000 after buying an additional 139,406 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Mueller Industries by 27.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company's stock worth $108,907,000 after purchasing an additional 315,490 shares in the last quarter. FMR LLC increased its position in shares of Mueller Industries by 2.6% in the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company's stock worth $79,039,000 after purchasing an additional 27,399 shares during the period. Systematic Financial Management LP raised its stake in Mueller Industries by 1.6% in the third quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company's stock valued at $69,605,000 after purchasing an additional 14,729 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in Mueller Industries by 135.7% during the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company's stock worth $40,341,000 after purchasing an additional 292,697 shares during the period. 94.50% of the stock is owned by institutional investors.

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Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of the transaction, the director now owns 56,098 shares of the company's stock, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.80% of the stock is owned by corporate insiders.

Mueller Industries Stock Down 1.7 %

Shares of MLI stock traded down $1.32 during trading hours on Thursday, reaching $77.57. The company's stock had a trading volume of 613,099 shares, compared to its average volume of 849,964. Mueller Industries, Inc. has a fifty-two week low of $50.85 and a fifty-two week high of $96.81. The firm's 50 day simple moving average is $80.11 and its 200-day simple moving average is $79.57. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of 14.61 and a beta of 0.99.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, March 14th. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.29%. Mueller Industries's dividend payout ratio is 18.83%.

Wall Street Analyst Weigh In

Separately, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price for the company in a research report on Wednesday, December 11th.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.