Thrivent Financial for Lutherans reduced its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 69.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,761 shares of the industrial products company's stock after selling 62,232 shares during the period. Thrivent Financial for Lutherans' holdings in Mueller Industries were worth $2,124,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the stock. State Street Corp raised its stake in shares of Mueller Industries by 3.2% in the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock valued at $329,830,000 after acquiring an additional 139,406 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in Mueller Industries in the 4th quarter valued at approximately $300,000. Merit Financial Group LLC purchased a new stake in Mueller Industries in the fourth quarter valued at approximately $287,000. Rhumbline Advisers lifted its stake in Mueller Industries by 13.7% during the fourth 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 position in shares of Mueller Industries by 3.0% during the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock worth $1,451,000 after buying an additional 537 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.
Wall Street Analyst Weigh In
Separately, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price on the stock in a research note on Wednesday, December 11th.
Get Our Latest Stock Report on MLI
Mueller Industries Price Performance
Shares of MLI stock traded up $1.97 during trading on Wednesday, reaching $79.49. The company's stock had a trading volume of 816,283 shares, compared to its average volume of 897,313. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The stock's 50-day moving average price is $79.66 and its 200 day moving average price is $79.91. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 14.97 and a beta of 0.99.
Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 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 was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.25 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a 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 currently 18.83%.
Insider Activity
In other news, Director Scott Jay Goldman sold 10,000 shares of the firm's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the sale, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.80% of the company's stock.
Mueller Industries Profile
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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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