Corebridge Financial Inc. lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 185.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 183,465 shares of the industrial products company's stock after purchasing an additional 119,257 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Mueller Industries worth $14,560,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest Partners LLC grew its position in shares of Mueller Industries by 107,875.0% in the 3rd quarter. Quest Partners LLC now owns 4,319 shares of the industrial products company's stock worth $320,000 after buying an additional 4,315 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Mueller Industries during the third quarter worth about $1,922,000. Massachusetts Financial Services Co. MA grew its holdings in Mueller Industries by 3.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 102,417 shares of the industrial products company's stock worth $7,589,000 after purchasing an additional 3,497 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of 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 in the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Mueller Industries by 48.1% during the third quarter. Citigroup Inc. now owns 147,833 shares of the industrial products company's stock valued at $10,954,000 after purchasing an additional 48,045 shares during the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.
Mueller Industries Stock Performance
Shares of MLI traded down $0.93 during trading hours on Friday, hitting $76.58. The company had a trading volume of 576,007 shares, compared to its average volume of 895,495. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 14.42 and a beta of 0.99. The firm has a fifty day moving average price of $79.92 and a 200-day moving average price of $79.80. Mueller Industries, Inc. has a 52-week low of $50.85 and a 52-week high of $96.81.
Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate 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 disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.25 dividend. The ex-dividend date of this dividend was 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 yield of 1.31%. Mueller Industries's dividend payout ratio is 18.83%.
Insider Buying and Selling at Mueller Industries
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 shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the transaction, the director now owns 56,098 shares in the company, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.80% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price target on the stock in a research note on Wednesday, December 11th.
Check Out Our Latest Analysis on MLI
Mueller Industries Profile
(
Free Report)
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.
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