Victory Capital Management Inc. Sells 62,722 Shares of Mueller Industries, Inc. (NYSE:MLI)

Victory Capital Management Inc. reduced its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 993,263 shares of the industrial products company's stock after selling 62,722 shares during the period. Victory Capital Management Inc. owned approximately 0.87% of Mueller Industries worth $78,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of MLI. State Street Corp grew its position in Mueller Industries by 3.2% in the third 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 bought a new stake in shares of Mueller Industries in the 4th quarter worth about $300,000. Merit Financial Group LLC acquired a new stake in shares of Mueller Industries during the 4th quarter worth about $287,000. Rhumbline Advisers lifted its holdings in Mueller Industries by 13.7% during the 4th quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock valued at $28,895,000 after purchasing an additional 43,893 shares during the last quarter. Finally, Congress Asset Management Co. boosted its position in Mueller Industries by 6.5% in the fourth quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company's stock valued at $16,081,000 after buying an additional 12,450 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Separately, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price for the company in a research note on Wednesday, December 11th.

Mueller Industries Price Performance

Shares of MLI stock traded down $0.97 during trading hours on Monday, hitting $81.09. 1,360,431 shares of the company's stock were exchanged, compared to its average volume of 828,352. Mueller Industries, Inc. has a 52 week low of $50.84 and a 52 week high of $96.81. The stock has a market cap of $9.18 billion, a price-to-earnings ratio of 15.27 and a beta of 0.99. The stock's 50-day moving average is $80.14 and its 200-day moving average is $78.72.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.23%. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. Mueller Industries's dividend payout ratio (DPR) is presently 18.83%.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the company'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 completion of the sale, the director now owns 56,098 shares in the company, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.80% of the company's stock.

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.