HighTower Advisors LLC Acquires 4,030 Shares of Mueller Industries, Inc. (NYSE:MLI)

HighTower Advisors LLC raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 20.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,063 shares of the industrial products company's stock after purchasing an additional 4,030 shares during the quarter. HighTower Advisors LLC's holdings in Mueller Industries were worth $1,910,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its position in Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock valued at $329,830,000 after buying an additional 139,406 shares during the period. Flagship Harbor Advisors LLC purchased a new stake in Mueller Industries in the fourth quarter worth about $300,000. Merit Financial Group LLC bought a new position in shares of Mueller Industries during the fourth quarter valued at approximately $287,000. Rhumbline Advisers lifted its holdings in shares of Mueller Industries by 13.7% during the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock valued at $28,895,000 after purchasing an additional 43,893 shares during the last quarter. Finally, US Bancorp DE boosted its position in shares of Mueller Industries by 3.0% in the 4th quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock worth $1,451,000 after purchasing an additional 537 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Down 1.7 %

Mueller Industries stock traded down $1.32 during trading on Thursday, reaching $77.57. The company had a trading volume of 613,099 shares, compared to its average volume of 849,964. The firm's 50-day simple moving average is $80.11 and its 200 day simple moving average is $79.57. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81. The firm has a market capitalization of $8.79 billion, a price-to-earnings ratio of 14.61 and a beta of 0.99.

Remove Ads

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data 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 return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The company also recently announced 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. The ex-dividend date is Friday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.29%. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio is currently 18.83%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction 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 represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is currently owned by company 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.