Commonwealth Equity Services LLC Grows Stake in Mueller Industries, Inc. (NYSE:MLI)

Commonwealth Equity Services LLC lifted its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 11.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,708 shares of the industrial products company's stock after acquiring an additional 5,997 shares during the quarter. Commonwealth Equity Services LLC owned 0.05% of Mueller Industries worth $4,738,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its holdings in 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 acquiring an additional 315,490 shares in the last quarter. Allianz Asset Management GmbH grew its stake in shares of 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 in the last quarter. Four Tree Island Advisory LLC purchased a new position in Mueller Industries in the fourth quarter valued at $19,376,000. Caisse DE Depot ET Placement DU Quebec raised its stake in Mueller Industries by 77.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company's stock valued at $29,152,000 after buying an additional 171,671 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Mueller Industries by 343.9% during the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company's stock worth $14,613,000 after buying an additional 152,780 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the transaction, the director now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Mueller Industries Trading Down 1.7 %

MLI stock traded down $1.32 on Thursday, hitting $77.57. The company's stock had a trading volume of 613,099 shares, compared to its average volume of 834,023. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of 14.61 and a beta of 0.99. The firm has a 50 day moving average of $80.11 and a two-hundred day moving average of $79.57.

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