Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 29.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,960 shares of the industrial products company's stock after selling 3,665 shares during the quarter. Summit Global Investments' holdings in Mueller Industries were worth $711,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quest Partners LLC boosted its stake in Mueller Industries by 107,875.0% in the 3rd quarter. Quest Partners LLC now owns 4,319 shares of the industrial products company's stock worth $320,000 after purchasing an additional 4,315 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Mueller Industries in the third quarter worth $1,922,000. Advisors Asset Management Inc. increased its stake in Mueller Industries by 5.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 36,174 shares of the industrial products company's stock worth $2,680,000 after purchasing an additional 1,900 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Mueller Industries by 3.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 102,417 shares of the industrial products company's stock worth $7,589,000 after buying an additional 3,497 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Mueller Industries by 27.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company's stock valued at $108,907,000 after acquiring an additional 315,490 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Separately, Northcoast Research raised shares of 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.

Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated 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 owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The transaction 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.

Mueller Industries Stock Down 1.7 %

MLI traded down $1.32 during midday trading on Thursday, hitting $77.57. 613,099 shares of the company traded hands, compared to its average volume of 834,023. The firm has a market capitalization of $8.79 billion, a PE ratio of 14.61 and a beta of 0.99. The company's 50-day moving average is $80.11 and its 200 day moving average is $79.57. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last released its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS 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 will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.29%. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. Mueller Industries's dividend payout ratio is presently 18.83%.

Mueller Industries Company 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.