Summit Global Investments Sells 3,665 Shares of Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments reduced its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 29.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,960 shares of the industrial products company's stock after selling 3,665 shares during the period. Summit Global Investments' holdings in Mueller Industries were worth $711,000 at the end of the most recent quarter.

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

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Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction 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 in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by company insiders.

Mueller Industries Stock Down 0.3 %

Shares of NYSE:MLI traded down $0.25 during trading on Tuesday, reaching $79.22. The stock had a trading volume of 289,062 shares, compared to its average volume of 833,772. The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 14.92 and a beta of 0.99. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81. The stock has a fifty day simple moving average of $80.19 and a two-hundred day simple moving average of $79.48.

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

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 dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.26%. Mueller Industries's payout ratio is 18.83%.

Analyst Ratings Changes

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.

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.