Bank of New York Mellon Corp Decreases Position in Mueller Industries, Inc. (NYSE:MLI)

Bank of New York Mellon Corp reduced its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 7.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 988,568 shares of the industrial products company's stock after selling 75,564 shares during the period. Bank of New York Mellon Corp owned about 0.87% of Mueller Industries worth $78,453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BankPlus Trust Department acquired a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $359,000. Navellier & Associates Inc. lifted its stake in Mueller Industries by 21.9% in the 4th quarter. Navellier & Associates Inc. now owns 17,753 shares of the industrial products company's stock valued at $1,409,000 after buying an additional 3,190 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Mueller Industries by 135.7% during the 4th quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company's stock valued at $40,341,000 after buying an additional 292,697 shares during the last quarter. WealthBridge Capital Management LLC increased its position in Mueller Industries by 28.7% during the fourth quarter. WealthBridge Capital Management LLC now owns 4,135 shares of the industrial products company's stock worth $328,000 after buying an additional 923 shares in the last quarter. Finally, Convergence Investment Partners LLC raised its holdings in shares of Mueller Industries by 27.6% in the fourth quarter. Convergence Investment Partners LLC now owns 22,649 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 4,893 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective on the stock in a research note on Wednesday, December 11th.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now owns 56,098 shares of the company's stock, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Mueller Industries Trading Up 2.4 %

Shares of Mueller Industries stock traded up $1.86 during mid-day trading on Wednesday, hitting $80.06. 1,220,281 shares of the stock were exchanged, compared to its average volume of 822,606. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 15.08 and a beta of 0.98. Mueller Industries, Inc. has a twelve month low of $49.95 and a twelve month high of $96.81. The company has a 50-day simple moving average of $80.13 and a 200 day simple moving average of $78.48.

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

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.25 dividend. The ex-dividend date is Friday, March 14th. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.25%. Mueller Industries's dividend payout ratio (DPR) is currently 18.83%.

Mueller Industries Company Profile

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.