Allianz Asset Management GmbH grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 135.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 508,333 shares of the industrial products company's stock after purchasing an additional 292,697 shares during the quarter. Allianz Asset Management GmbH owned about 0.45% of Mueller Industries worth $40,341,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. WealthBridge Capital Management LLC grew its stake in Mueller Industries by 28.7% during the fourth quarter. WealthBridge Capital Management LLC now owns 4,135 shares of the industrial products company's stock worth $328,000 after buying an additional 923 shares in the last quarter. Convergence Investment Partners LLC grew its stake in Mueller Industries by 27.6% during the fourth quarter. Convergence Investment Partners LLC now owns 22,649 shares of the industrial products company's stock worth $1,797,000 after purchasing an additional 4,893 shares during the period. Kestra Investment Management LLC boosted 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 worth $242,000 after purchasing an additional 218 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Mueller Industries by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock valued at $274,000 after buying an additional 174 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its holdings in Mueller Industries by 2.0% during the fourth quarter. Sanctuary Advisors LLC now owns 13,636 shares of the industrial products company's stock worth $1,092,000 after buying an additional 263 shares in the last quarter. 94.50% of the stock is owned by institutional investors.
Mueller Industries Trading Down 1.1 %
Shares of MLI traded down $0.84 during midday trading on Thursday, reaching $78.86. The stock had a trading volume of 795,161 shares, compared to its average volume of 760,517. The company's 50-day moving average is $80.20 and its 200 day moving average is $78.09. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 14.85 and a beta of 0.98. Mueller Industries, Inc. has a 12-month low of $49.95 and a 12-month high of $96.81.
Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (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 company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.25 dividend. 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 1.27%. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries's dividend payout ratio is presently 18.83%.
Wall Street Analysts Forecast Growth
Separately, Northcoast Research upgraded 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.
Check Out Our Latest Research Report on MLI
Insider Buying and Selling
In other news, Director Scott Jay Goldman sold 10,000 shares of the firm's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of the sale, the director now owns 56,098 shares in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is currently owned by insiders.
About Mueller Industries
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Free Report)
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.
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