Franklin Resources Inc. Buys 8,287 Shares of Mueller Industries, Inc. (NYSE:MLI)

Franklin Resources Inc. grew its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,389 shares of the industrial products company's stock after acquiring an additional 8,287 shares during the period. Franklin Resources Inc. owned about 0.07% of Mueller Industries worth $6,142,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Mueller Industries during the 4th quarter worth about $300,000. Merit Financial Group LLC bought a new position in Mueller Industries in the 4th quarter valued at about $287,000. Rhumbline Advisers lifted its stake in Mueller Industries by 13.7% during the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock worth $28,895,000 after purchasing an additional 43,893 shares during the last quarter. US Bancorp DE boosted its stake in Mueller Industries by 3.0% in the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock valued at $1,451,000 after buying an additional 537 shares in the last quarter. Finally, Congress Asset Management Co. grew its position in Mueller Industries by 6.5% in the fourth quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company's stock valued at $16,081,000 after acquiring an additional 12,450 shares during the last quarter. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Up 0.9 %

Shares of MLI stock traded up $0.67 on Tuesday, reaching $74.41. The company had a trading volume of 74,829 shares, compared to its average volume of 912,574. The business's 50-day moving average is $78.27 and its 200 day moving average is $79.95. Mueller Industries, Inc. has a one year low of $50.85 and a one year high of $96.81. The stock has a market capitalization of $8.24 billion, a PE ratio of 14.01 and a beta of 0.96.

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Mueller Industries (NYSE:MLI - Get Free Report) last issued 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 disclosed 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. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's payout ratio is currently 18.83%.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the company's 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 completion of the transaction, the director now owns 56,098 shares of the company's stock, valued at $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.80% of the company's stock.

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.