Wealthfront Advisers LLC Purchases Shares of 13,568 Mueller Industries, Inc. (NYSE:MLI)

Wealthfront Advisers LLC purchased a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 13,568 shares of the industrial products company's stock, valued at approximately $1,077,000.

Other institutional investors also recently modified their holdings of the company. Westside Investment Management Inc. bought a new position in shares of Mueller Industries in the 3rd quarter worth about $41,000. SBI Securities Co. Ltd. bought a new position in shares of Mueller Industries in the 4th quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Mueller Industries in the 4th quarter worth about $53,000. City State Bank bought a new position in shares of Mueller Industries in the 4th quarter worth about $58,000. Finally, GAMMA Investing LLC increased its stake in shares of Mueller Industries by 46.7% in the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company's stock worth $64,000 after acquiring an additional 258 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Performance

Shares of MLI stock traded up $2.17 during trading hours on Wednesday, reaching $81.48. The company had a trading volume of 635,876 shares, compared to its average volume of 821,651. The business has a fifty day moving average price of $80.17 and a 200-day moving average price of $79.19. Mueller Industries, Inc. has a one year low of $50.85 and a one year high of $96.81. The firm has a market cap of $9.23 billion, a PE ratio of 15.34 and a beta of 0.99.

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Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 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 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 $0.25 dividend. The ex-dividend date is Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.23%. Mueller Industries's payout ratio is currently 18.83%.

Wall Street Analyst Weigh In

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.

Insider Transactions at Mueller Industries

In related 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 value 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 trade 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. Company insiders own 2.80% of the company's stock.

Mueller Industries Company 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.