Securian Asset Management Inc. acquired a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,598 shares of the industrial products company's stock, valued at approximately $682,000.
A number of other institutional investors have also recently made changes to their positions in MLI. Arizona State Retirement System grew its position in Mueller Industries by 0.5% in the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company's stock worth $2,480,000 after acquiring an additional 170 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Mueller Industries by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock worth $274,000 after purchasing an additional 174 shares during the last quarter. GM Advisory Group LLC lifted its stake in 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 purchasing an additional 192 shares during the last quarter. Caprock Group LLC lifted its stake in Mueller Industries by 2.3% in the fourth quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company's stock worth $674,000 after purchasing an additional 194 shares during the last quarter. Finally, Kestra Investment Management LLC lifted its stake in Mueller Industries by 7.7% in the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company's stock worth $242,000 after purchasing an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price target for the company in a research note on Wednesday, December 11th.
Check Out Our Latest Stock Report on Mueller Industries
Mueller Industries Stock Down 2.4 %
MLI stock traded down $1.98 during trading on Thursday, hitting $79.47. 758,983 shares of the company's stock traded hands, compared to its average volume of 820,133. The firm has a market capitalization of $9.00 billion, a P/E ratio of 14.97 and a beta of 0.99. The business has a fifty day simple moving average of $80.20 and a two-hundred day simple moving average of $79.21. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81.
Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data 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 net margin of 16.05% and a return on equity of 22.97%.
Mueller Industries Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.25 dividend. 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 1.26%. The ex-dividend date is Friday, March 14th. Mueller Industries's payout ratio is currently 18.83%.
Insiders Place Their Bets
In other news, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction 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 sale, the director now directly owns 56,098 shares of the company's stock, valued at $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.80% of the company's stock.
About Mueller Industries
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Free Report)
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.
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