KLP Kapitalforvaltning AS Invests $2.29 Million in Mueller Industries, Inc. (NYSE:MLI)

KLP Kapitalforvaltning AS bought a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 28,800 shares of the industrial products company's stock, valued at approximately $2,286,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arizona State Retirement System increased its position in shares of Mueller Industries by 0.5% in the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company's stock worth $2,480,000 after purchasing an additional 170 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Mueller Industries by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock worth $274,000 after buying an additional 174 shares during the last quarter. Caprock Group LLC increased its holdings in shares of Mueller Industries by 2.3% in the 4th quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company's stock worth $674,000 after buying an additional 194 shares during the last quarter. Kestra Investment Management LLC raised its position in shares of Mueller Industries by 7.7% during the 4th quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company's stock valued at $242,000 after buying an additional 218 shares in the last quarter. Finally, Addison Capital Co grew its position in Mueller Industries by 0.5% in the fourth quarter. Addison Capital Co now owns 51,325 shares of the industrial products company's stock worth $4,073,000 after acquiring an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.

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Mueller Industries Stock Performance

NYSE:MLI traded up $1.40 during mid-day trading on Tuesday, reaching $77.54. The stock had a trading volume of 486,477 shares, compared to its average volume of 896,554. The stock has a market capitalization of $8.78 billion, a P/E ratio of 14.60 and a beta of 0.99. The firm has a 50 day moving average price of $79.70 and a two-hundred day moving average price of $79.91. 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 announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping 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 was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.29%. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, March 14th. Mueller Industries's dividend payout ratio is presently 18.83%.

Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction that occurred on 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 directly owns 56,098 shares of the company's stock, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 report on Wednesday, December 11th.

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.