Proficio Capital Partners LLC Acquires New Position in Mueller Industries, Inc. (NYSE:MLI)

Proficio Capital Partners LLC bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,903 shares of the industrial products company's stock, valued at approximately $1,738,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Atria Investments Inc grew its stake in shares of Mueller Industries by 10.4% during the fourth quarter. Atria Investments Inc now owns 13,681 shares of the industrial products company's stock worth $1,086,000 after purchasing an additional 1,285 shares in the last quarter. State of Michigan Retirement System acquired a new position in Mueller Industries in the fourth quarter valued at $2,135,000. SBI Securities Co. Ltd. acquired a new position in Mueller Industries in the fourth quarter valued at $47,000. Jones Financial Companies Lllp boosted its stake in Mueller Industries by 204.8% in the fourth quarter. Jones Financial Companies Lllp now owns 890 shares of the industrial products company's stock valued at $71,000 after acquiring an additional 598 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in Mueller Industries by 178.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,075 shares of the industrial products company's stock valued at $166,000 after acquiring an additional 1,330 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Stock Performance

NYSE MLI traded down $2.26 during trading hours on Friday, hitting $77.34. The company had a trading volume of 3,204,644 shares, compared to its average volume of 833,681. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The company has a market cap of $8.76 billion, a PE ratio of 14.56 and a beta of 0.99. The business has a 50 day moving average of $80.18 and a 200-day moving average of $79.31.

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Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating 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 announced 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 dividend on an annualized basis and a dividend yield of 1.29%. This is a boost 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%.

Analysts Set New Price Targets

Separately, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective for the company in a research note on Wednesday, December 11th.

Insider Activity

In other news, Director Scott Jay Goldman sold 10,000 shares of the company'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 directly owns 56,098 shares of the company's stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.80% of the company's stock.

Mueller Industries 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.