Raymond James Financial Inc. Makes New Investment in Mueller Industries, Inc. (NYSE:MLI)

Raymond James Financial Inc. purchased 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 86,373 shares of the industrial products company's stock, valued at approximately $6,855,000. Raymond James Financial Inc. owned approximately 0.08% of Mueller Industries at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MLI. Texas Yale Capital Corp. grew its holdings in Mueller Industries by 6.0% during the 4th quarter. Texas Yale Capital Corp. now owns 3,560 shares of the industrial products company's stock worth $283,000 after acquiring an additional 200 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of Mueller Industries by 9.6% during the fourth quarter. Advisory Services Network LLC now owns 13,394 shares of the industrial products company's stock worth $1,063,000 after purchasing an additional 1,174 shares during the last quarter. Abacus FCF Advisors LLC grew its stake in Mueller Industries by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 47,453 shares of the industrial products company's stock worth $3,766,000 after purchasing an additional 15,004 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Mueller Industries by 151.2% in the fourth quarter. Renaissance Technologies LLC now owns 477,000 shares of the industrial products company's stock valued at $37,855,000 after buying an additional 287,100 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Mueller Industries by 50.3% during the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after buying an additional 933,498 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Insider Activity at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction that occurred 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 owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.70% of the company's stock.

Mueller Industries Stock Down 1.2 %

NYSE:MLI traded down $0.92 during trading hours on Friday, reaching $73.06. 604,158 shares of the stock were exchanged, compared to its average volume of 927,384. The stock has a market capitalization of $8.09 billion, a P/E ratio of 13.76 and a beta of 0.96. The firm has a 50 day simple moving average of $76.60 and a 200-day simple moving average of $79.85. Mueller Industries, Inc. has a 52 week low of $53.53 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.08. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $1 billion.

Mueller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio is currently 18.83%.

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.