Wealthfront Advisers LLC Takes Position in Mueller Industries, Inc. (NYSE:MLI)

Wealthfront Advisers LLC purchased a new stake in Mueller Industries, Inc. (NYSE:MLI) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 13,568 shares of the industrial products company’s stock, valued at approximately $1,077,000.

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

Insider Transactions at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

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

Mueller Industries Stock Up 1.8 %

MLI stock opened at $79.62 on Friday. The company has a market cap of $9.02 billion, a price-to-earnings ratio of 14.99 and a beta of 0.99. The business has a fifty day simple moving average of $80.15 and a 200-day simple moving average of $79.01. 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 for the quarter, beating analysts’ consensus estimates 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 business also recently declared 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 is a boost from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. Mueller Industries’s dividend payout ratio (DPR) is presently 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.