Mueller Industries, Inc. (NYSE:MLI) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 24.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,381 shares of the industrial products company's stock after selling 4,747 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Mueller Industries were worth $1,141,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Westside Investment Management Inc. bought a new position in Mueller Industries during the 3rd quarter valued at $41,000. SBI Securities Co. Ltd. bought a new position in shares of Mueller Industries during the fourth quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Mueller Industries during the fourth quarter worth about $53,000. City State Bank acquired a new position in Mueller Industries in the fourth quarter worth about $58,000. Finally, GAMMA Investing LLC increased its holdings in Mueller Industries by 46.7% in the fourth quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company's stock valued at $64,000 after buying an additional 258 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Transactions at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction on Thursday, February 13th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.80% of the company's stock.

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Analysts Set New Price Targets

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

Mueller Industries Price Performance

Shares of MLI stock traded down $1.98 on Thursday, hitting $79.47. 758,869 shares of the stock traded hands, compared to its average volume of 822,333. The company has a market capitalization of $9.00 billion, a PE ratio of 14.97 and a beta of 0.99. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The company's fifty day moving average is $80.20 and its 200 day moving average is $79.21.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating 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 announced 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 annualized dividend and a dividend yield of 1.26%. Mueller Industries's dividend payout ratio is 18.83%.

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.