Harvest Fund Management Co. Ltd Grows Stake in Mueller Industries, Inc. (NYSE:MLI)

Harvest Fund Management Co. Ltd lifted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 48.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,825 shares of the industrial products company's stock after purchasing an additional 3,852 shares during the period. Harvest Fund Management Co. Ltd's holdings in Mueller Industries were worth $939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MLI. State Street Corp boosted its holdings in Mueller Industries by 3.2% in the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock worth $329,830,000 after buying an additional 139,406 shares during the period. William Blair Investment Management LLC purchased a new position in shares of Mueller Industries in the fourth quarter valued at about $201,376,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Mueller Industries by 27.3% in the third 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 during the period. FMR LLC grew its position in shares of Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company's stock worth $79,039,000 after purchasing an additional 27,399 shares in the last quarter. Finally, Systematic Financial Management LP raised its stake in Mueller Industries by 1.6% during the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company's stock valued at $69,605,000 after purchasing an additional 14,729 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of the firm'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 transaction, the director now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate 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 for the company in a research note on Wednesday, December 11th.

Mueller Industries Trading Down 0.3 %

Shares of NYSE:MLI traded down $0.20 during midday trading on Tuesday, reaching $79.27. 659,698 shares of the company were exchanged, compared to its average volume of 833,772. The stock has a market cap of $8.98 billion, a PE ratio of 14.93 and a beta of 0.99. The business's fifty day moving average is $80.19 and its two-hundred day moving average is $79.48. Mueller Industries, Inc. has a one year low of $50.85 and a one year high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating 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 company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.26%. The ex-dividend date is Friday, March 14th. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio (DPR) is currently 18.83%.

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.