Corebridge Financial Inc. Raises Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Corebridge Financial Inc. grew its holdings in Mueller Industries, Inc. (NYSE:MLI) by 185.7% in the 4th quarter, HoldingsChannel reports. The firm owned 183,465 shares of the industrial products company’s stock after purchasing an additional 119,257 shares during the quarter. Corebridge Financial Inc.’s holdings in Mueller Industries were worth $14,560,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MLI. Westside Investment Management Inc. purchased a new position in Mueller Industries in the 3rd quarter valued at approximately $41,000. SBI Securities Co. Ltd. acquired a new stake in shares of Mueller Industries in the fourth quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Mueller Industries in the fourth quarter valued at $53,000. City State Bank purchased a new position in Mueller Industries in the fourth quarter valued at $58,000. Finally, GAMMA Investing LLC increased its holdings in Mueller Industries by 46.7% during the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 258 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Down 0.3 %

NYSE MLI opened at $79.27 on Wednesday. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81. The firm has a 50 day moving average of $80.16 and a two-hundred day moving average of $79.58. The stock has a market capitalization of $8.98 billion, a PE ratio of 14.93 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Friday, March 14th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio (DPR) is 18.83%.

Insider Buying and Selling

In other 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 value of $798,100.00. Following the completion of the transaction, the director now owns 56,098 shares in the company, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Northcoast Research upgraded 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.

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.