Mueller Industries, Inc. (NYSE:MLI) Shares Bought by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp grew its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 18.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,817 shares of the industrial products company's stock after buying an additional 4,938 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in Mueller Industries were worth $2,525,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MLI. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Mueller Industries in the 4th quarter valued at $220,000. Corebridge Financial Inc. grew its stake in Mueller Industries by 185.7% during the 4th quarter. Corebridge Financial Inc. now owns 183,465 shares of the industrial products company's stock valued at $14,560,000 after purchasing an additional 119,257 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Mueller Industries by 59.9% in the fourth quarter. LPL Financial LLC now owns 161,041 shares of the industrial products company's stock valued at $12,780,000 after purchasing an additional 60,354 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Mueller Industries in the fourth quarter worth about $670,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Mueller Industries during the fourth quarter worth about $2,286,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, February 13th. The shares were 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 $4,477,181.38. The trade was a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

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Mueller Industries Stock Down 4.6 %

Shares of NYSE:MLI traded down $3.41 during midday trading on Friday, reaching $70.67. The company's stock had a trading volume of 1,163,961 shares, compared to its average volume of 903,389. The stock has a fifty day moving average of $79.31 and a 200 day moving average of $79.93. Mueller Industries, Inc. has a twelve month low of $50.85 and a twelve month high of $96.81. The firm has a market capitalization of $8.00 billion, a PE ratio of 13.31 and a beta of 0.99.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping the consensus estimate 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 business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.25 per share. 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 1.42%. The ex-dividend date of this dividend was Friday, March 14th. Mueller Industries's dividend payout ratio (DPR) is currently 18.83%.

Analyst Ratings Changes

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

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.