Meritage Portfolio Management Boosts Stake in Mueller Industries, Inc. (NYSE:MLI)

Meritage Portfolio Management raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 7.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 23,169 shares of the industrial products company’s stock after purchasing an additional 1,590 shares during the period. Meritage Portfolio Management’s holdings in Mueller Industries were worth $1,839,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MLI. GAMMA Investing LLC boosted its holdings in shares of Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after buying an additional 146 shares during the period. Westside Investment Management Inc. acquired a new position in shares of Mueller Industries during the third quarter valued at approximately $41,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Mueller Industries during the fourth quarter worth approximately $53,000. City State Bank bought a new position in Mueller Industries during the fourth quarter valued at about $58,000. Finally, Harbor Capital Advisors Inc. bought a new position in shares of Mueller Industries during the 3rd quarter valued at about $64,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Trading Up 2.7 %

NYSE MLI opened at $78.37 on Thursday. The company has a market capitalization of $8.91 billion, a PE ratio of 15.22 and a beta of 0.98. Mueller Industries, Inc. has a 1-year low of $47.46 and a 1-year high of $96.81. The firm’s fifty day simple moving average is $80.25 and its 200-day simple moving average is $76.74.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 1.02%. Mueller Industries’s payout ratio is 15.07%.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a report on Wednesday, December 11th.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.

Mueller Industries 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.