Mueller Industries, Inc. (NYSE:MLI) Stake Lifted by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 59.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 844,287 shares of the industrial products company’s stock after buying an additional 316,095 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.74% of Mueller Industries worth $67,003,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MLI. New Age Alpha Advisors LLC bought a new stake in Mueller Industries in the 4th quarter valued at about $32,000. Westside Investment Management Inc. bought a new stake in shares of Mueller Industries during the third quarter valued at approximately $41,000. SBI Securities Co. Ltd. acquired a new position in shares of Mueller Industries during the fourth quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Mueller Industries in the 4th quarter worth approximately $53,000. Finally, City State Bank acquired a new stake in Mueller Industries in the 4th quarter valued at approximately $58,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of the business’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 sale, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.80% of the company’s stock.

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 target for the company in a research report on Wednesday, December 11th.

Mueller Industries Stock Down 0.5 %

Shares of MLI opened at $76.18 on Tuesday. The firm has a market capitalization of $8.63 billion, a PE ratio of 14.35 and a beta of 0.99. The firm has a 50-day moving average price of $79.81 and a 200 day moving average price of $79.86. Mueller Industries, Inc. has a 52-week low of $50.85 and a 52-week high of $96.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is currently 18.83%.

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.