Summit Global Investments Boosts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments boosted its position in Mueller Industries, Inc. (NYSE:MLI) by 27.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 23,590 shares of the industrial products company’s stock after acquiring an additional 5,130 shares during the period. Summit Global Investments’ holdings in Mueller Industries were worth $1,112,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MLI. Raymond James & Associates lifted its position in Mueller Industries by 9.8% during the third quarter. Raymond James & Associates now owns 31,023 shares of the industrial products company’s stock valued at $2,332,000 after acquiring an additional 2,763 shares during the last quarter. Stratos Wealth Advisors LLC boosted its position in shares of Mueller Industries by 9.0% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 13,194 shares of the industrial products company’s stock worth $992,000 after purchasing an additional 1,088 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Mueller Industries by 15.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,833 shares of the industrial products company’s stock worth $739,000 after buying an additional 1,322 shares during the last quarter. Strs Ohio increased its position in Mueller Industries by 34.8% during the 3rd quarter. Strs Ohio now owns 18,600 shares of the industrial products company’s stock valued at $1,397,000 after buying an additional 4,800 shares in the last quarter. Finally, Yorktown Management & Research Co Inc increased its position in Mueller Industries by 15.7% during the 3rd quarter. Yorktown Management & Research Co Inc now owns 19,900 shares of the industrial products company’s stock valued at $1,496,000 after buying an additional 2,700 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on MLI. Northcoast Research reissued a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th. StockNews.com cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a research note on Monday, January 22nd.

Mueller Industries Stock Down 0.1 %

Shares of MLI traded down $0.07 during trading hours on Friday, reaching $56.81. 482,666 shares of the company traded hands, compared to its average volume of 705,536. The business has a fifty day moving average price of $53.25 and a 200-day moving average price of $47.69. Mueller Industries, Inc. has a 12-month low of $34.96 and a 12-month high of $59.59. The stock has a market capitalization of $6.45 billion, a P/E ratio of 11.38 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter. The business had revenue of $732.38 million for the quarter. Mueller Industries had a return on equity of 24.69% and a net margin of 17.22%.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.41%. The ex-dividend date was Thursday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s dividend payout ratio is 16.03%.

Insiders Place Their Bets

In other news, CFO Jeffrey Andrew Martin sold 52,436 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $57.25, for a total value of $3,001,961.00. Following the sale, the chief financial officer now directly owns 313,529 shares of the company’s stock, valued at approximately $17,949,535.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Jeffrey Andrew Martin sold 52,436 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $57.25, for a total transaction of $3,001,961.00. Following the sale, the chief financial officer now directly owns 313,529 shares of the company’s stock, valued at $17,949,535.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 4,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $57.29, for a total value of $229,160.00. Following the transaction, the director now owns 104,214 shares of the company’s stock, valued at $5,970,420.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,716 shares of company stock valued at $5,806,311. 2.80% of the stock is owned by insiders.

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.