Handelsbanken Fonder AB Sells 1,700 Shares of Mueller Industries, Inc. (NYSE:MLI)

Handelsbanken Fonder AB trimmed its stake in Mueller Industries, Inc. (NYSE:MLI) by 5.7% during the 4th quarter, HoldingsChannel reports. The fund owned 28,048 shares of the industrial products company’s stock after selling 1,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in Mueller Industries were worth $2,226,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MLI. Raymond James & Associates boosted its holdings in Mueller Industries by 6.9% in the third quarter. Raymond James & Associates now owns 65,848 shares of the industrial products company’s stock worth $4,879,000 after acquiring an additional 4,226 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Mueller Industries by 12.3% during the third quarter. Sequoia Financial Advisors LLC now owns 5,394 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 592 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Mueller Industries by 3,760.7% during the third quarter. International Assets Investment Management LLC now owns 17,875 shares of the industrial products company’s stock valued at $1,325,000 after purchasing an additional 17,412 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Mueller Industries by 17.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,160 shares of the industrial products company’s stock valued at $382,000 after purchasing an additional 772 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Mueller Industries by 8.9% during the third quarter. US Bancorp DE now owns 17,741 shares of the industrial products company’s stock valued at $1,315,000 after purchasing an additional 1,444 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Performance

MLI stock opened at $79.66 on Tuesday. The business’s 50-day moving average is $80.22 and its two-hundred day moving average is $77.99. The company has a market cap of $9.06 billion, a price-to-earnings ratio of 15.00 and a beta of 0.98. Mueller Industries, Inc. has a fifty-two week low of $49.10 and a fifty-two week high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates 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 will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.25 dividend. 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 dividend on an annualized basis and a yield of 1.26%. Mueller Industries’s dividend payout ratio is presently 18.83%.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

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 report on Wednesday, December 11th.

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.