Skandinaviska Enskilda Banken AB publ Trims Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Skandinaviska Enskilda Banken AB publ cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 13.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 343,279 shares of the industrial products company's stock after selling 53,821 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.30% of Mueller Industries worth $27,380,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 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 worth $329,830,000 after acquiring an additional 139,406 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Mueller Industries in the 4th quarter valued at about $300,000. Merit Financial Group LLC purchased a new stake in Mueller Industries in the 4th quarter valued at about $287,000. Rhumbline Advisers increased 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 valued at $28,895,000 after buying an additional 43,893 shares during the last quarter. Finally, US Bancorp DE increased its stake 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 buying an additional 537 shares during the last quarter. 94.50% of the stock is owned by institutional investors.

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Insider Transactions at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the firm's 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 completion of the sale, the director now owns 56,098 shares in the company, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.80% of the stock is currently owned by company insiders.

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.

Mueller Industries Stock Performance

NYSE:MLI traded down $2.05 on Tuesday, hitting $79.33. The stock had a trading volume of 730,631 shares, compared to its average volume of 821,517. The stock has a market cap of $8.99 billion, a P/E ratio of 14.94 and a beta of 0.99. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The firm's fifty day simple moving average is $80.16 and its two-hundred day simple moving average is $79.14.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping 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 business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, March 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio (DPR) is presently 18.83%.

About Mueller Industries

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.