Prudential Financial Inc. Reduces Position in Mueller Industries, Inc. (NYSE:MLI)

Prudential Financial Inc. trimmed its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 77.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,072 shares of the industrial products company's stock after selling 91,069 shares during the quarter. Prudential Financial Inc.'s holdings in Mueller Industries were worth $2,148,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MLI. State Street Corp increased its position in shares of Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock valued at $329,830,000 after buying an additional 139,406 shares during the period. Flagship Harbor Advisors LLC purchased a new position in Mueller Industries during the fourth quarter valued at approximately $300,000. Merit Financial Group LLC bought a new stake in Mueller Industries during the 4th quarter worth approximately $287,000. Rhumbline Advisers lifted its stake in Mueller Industries by 13.7% in the 4th quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock worth $28,895,000 after purchasing an additional 43,893 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in Mueller Industries by 3.0% in the 4th quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock valued at $1,451,000 after purchasing an additional 537 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE:MLI traded up $7.34 on Wednesday, hitting $75.84. The company's stock had a trading volume of 1,344,823 shares, compared to its average volume of 911,779. The company has a market capitalization of $8.40 billion, a PE ratio of 14.28 and a beta of 0.96. The company has a 50-day simple moving average of $78.51 and a 200 day simple moving average of $79.85. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81.

Remove Ads

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share 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 business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.25 dividend. The ex-dividend date of this dividend was 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 yield of 1.32%. Mueller Industries's payout ratio is 18.83%.

Analyst Ratings Changes

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

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction that occurred 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 transaction, the director now directly owns 56,098 shares of the company's stock, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is owned by insiders.

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.