Royce & Associates LP Sells 50,790 Shares of Mueller Industries, Inc. (NYSE:MLI)

Royce & Associates LP cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 7.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 623,442 shares of the industrial products company's stock after selling 50,790 shares during the quarter. Royce & Associates LP owned approximately 0.55% of Mueller Industries worth $49,476,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System lifted its holdings in Mueller Industries by 0.5% in the 4th quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company's stock worth $2,480,000 after purchasing an additional 170 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Mueller Industries by 5.3% during 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 during the last quarter. GM Advisory Group LLC lifted its holdings in shares of Mueller Industries by 5.3% in the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company's stock worth $281,000 after buying an additional 192 shares in the last quarter. Caprock Group LLC boosted its position in shares of Mueller Industries by 2.3% during the fourth quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company's stock worth $674,000 after acquiring an additional 194 shares during the last quarter. Finally, Kestra Investment Management LLC grew its stake in Mueller Industries by 7.7% during the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company's stock valued at $242,000 after acquiring an additional 218 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Remove Ads

Mueller Industries Stock Down 2.4 %

NYSE MLI traded down $1.98 during trading on Thursday, hitting $79.47. 766,852 shares of the stock traded hands, compared to its average volume of 822,364. Mueller Industries, Inc. has a 12-month low of $50.85 and a 12-month high of $96.81. The firm has a 50-day simple moving average of $80.20 and a 200-day simple moving average of $79.21. The company has a market capitalization of $9.00 billion, a P/E ratio of 14.97 and a beta of 0.99.

Mueller Industries (NYSE:MLI - Get Free Report) last posted 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 will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.25 dividend. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.26%. Mueller Industries's payout ratio is 18.83%.

Analysts Set New Price Targets

Separately, Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective for the company in a report 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 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 transaction, the director now 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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.