Maridea Wealth Management LLC Buys New Stake in Mueller Industries, Inc. (NYSE:MLI)

Maridea Wealth Management LLC purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,921 shares of the industrial products company’s stock, valued at approximately $549,000.

Several other institutional investors have also bought and sold shares of the business. Citigroup Inc. lifted its holdings in shares of Mueller Industries by 48.1% in the 3rd quarter. Citigroup Inc. now owns 147,833 shares of the industrial products company’s stock valued at $10,954,000 after acquiring an additional 48,045 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Mueller Industries by 125.1% in the 3rd quarter. Cerity Partners LLC now owns 8,216 shares of the industrial products company’s stock valued at $609,000 after purchasing an additional 4,566 shares during the last quarter. FMR LLC boosted its holdings in shares of Mueller Industries by 2.6% in the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after purchasing an additional 27,399 shares during the period. BNP Paribas Financial Markets increased its position in shares of Mueller Industries by 9.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 74,834 shares of the industrial products company’s stock valued at $5,545,000 after purchasing an additional 6,243 shares during the last quarter. Finally, Townsquare Capital LLC purchased a new stake in Mueller Industries during the 3rd quarter valued at $381,000. Institutional investors own 94.50% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 10,000 shares of the firm’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 transaction of $798,100.00. Following the transaction, the director now directly owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.80% of the stock is currently owned by insiders.

Mueller Industries Price Performance

Mueller Industries stock opened at $76.58 on Friday. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The company’s 50-day moving average is $79.92 and its 200 day moving average is $79.63. The firm has a market capitalization of $8.67 billion, a P/E ratio of 14.42 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping 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 business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.31%. Mueller Industries’s dividend payout ratio is presently 18.83%.

Mueller Industries Company 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.