Mueller Industries, Inc. (NYSE:MLI) Position Boosted by Convergence Investment Partners LLC

Convergence Investment Partners LLC boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 27.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,649 shares of the industrial products company's stock after purchasing an additional 4,893 shares during the quarter. Convergence Investment Partners LLC's holdings in Mueller Industries were worth $1,797,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Fiera Capital Corp acquired a new stake in shares of Mueller Industries during the 3rd quarter valued at approximately $35,552,000. Charles Schwab Investment Management Inc. increased its stake in Mueller Industries by 27.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company's stock valued at $108,907,000 after purchasing an additional 315,490 shares during the last quarter. Four Tree Island Advisory LLC acquired a new stake in shares of Mueller Industries during the fourth quarter worth $19,376,000. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Mueller Industries by 77.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company's stock worth $29,152,000 after buying an additional 171,671 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Mueller Industries by 343.9% in the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company's stock valued at $14,613,000 after buying an additional 152,780 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

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 on the stock in a research note on Wednesday, December 11th.

Mueller Industries Stock Performance

Shares of MLI traded down $2.17 during mid-day trading on Friday, reaching $78.41. 1,100,369 shares of the company's stock traded hands, compared to its average volume of 738,434. The business's 50-day moving average price is $80.39 and its 200-day moving average price is $77.66. The stock has a market capitalization of $8.92 billion, a P/E ratio of 14.77 and a beta of 0.98. Mueller Industries, Inc. has a 12 month low of $47.46 and a 12 month high of $96.81.

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, beating 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.25 dividend. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.28%. Mueller Industries's payout ratio is 15.07%.

Insider Buying and Selling at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries 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 transaction, the director now owns 56,098 shares of the company's stock, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Mueller Industries 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.