Wedbush Securities Inc. purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,658 shares of the industrial products company's stock, valued at approximately $290,000.
Other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System increased its holdings 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 purchasing an additional 170 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Mueller Industries by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock valued at $274,000 after acquiring an additional 174 shares in the last quarter. Caprock Group LLC lifted its position in shares of Mueller Industries by 2.3% during the 4th quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company's stock valued at $674,000 after acquiring an additional 194 shares during the period. Kestra Investment Management LLC boosted its stake in Mueller Industries by 7.7% during the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company's stock worth $242,000 after acquiring an additional 218 shares in the last quarter. Finally, Addison Capital Co grew its holdings in Mueller Industries by 0.5% in the fourth quarter. Addison Capital Co now owns 51,325 shares of the industrial products company's stock worth $4,073,000 after purchasing an additional 234 shares during the period. 94.50% of the stock is owned by institutional investors.
Mueller Industries Price Performance
Shares of MLI stock traded up $0.23 on Tuesday, reaching $73.97. 118,790 shares of the company were exchanged, compared to its average volume of 912,752. The company has a 50-day moving average of $78.27 and a 200-day moving average of $79.95. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 13.93 and a beta of 0.96. Mueller Industries, Inc. has a one year low of $50.85 and a one year high of $96.81.
Mueller Industries (NYSE:MLI - Get Free Report) last announced 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 return on equity of 22.97% and a net margin of 16.05%.
Mueller Industries Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's payout ratio is 18.83%.
Insider Buying and Selling at Mueller Industries
In related news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction dated 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 owns 56,098 shares in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.80% of the company's stock.
Mueller Industries Company 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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