Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Harbour Investments Inc.

Harbour Investments Inc. cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 33.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,433 shares of the industrial products company's stock after selling 20,212 shares during the quarter. Harbour Investments Inc.'s holdings in Mueller Industries were worth $3,129,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased 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 valued at $108,907,000 after purchasing an additional 315,490 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of 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 purchasing an additional 292,697 shares in the last quarter. Four Tree Island Advisory LLC purchased a new position in shares of Mueller Industries during the 4th quarter valued at approximately $19,376,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Mueller Industries by 77.4% during the 3rd 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 purchasing an additional 171,671 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Mueller Industries by 343.9% during the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company's stock valued at $14,613,000 after purchasing an additional 152,780 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

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

Mueller Industries Stock Down 2.4 %

Shares of NYSE:MLI traded down $1.98 during trading on Thursday, hitting $79.47. 766,852 shares of the stock traded hands, compared to its average volume of 822,364. The company has a market cap of $9.00 billion, a price-to-earnings ratio of 14.97 and a beta of 0.99. The company has a fifty day moving average price of $80.20 and a two-hundred day moving average price of $79.21. 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 quarterly 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 net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.26%. The ex-dividend date is Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's payout ratio is presently 18.83%.

Insider Buying and Selling

In related news, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is owned by insiders.

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.