13,568 Shares in Mueller Industries, Inc. (NYSE:MLI) Acquired by Wealthfront Advisers LLC

Wealthfront Advisers LLC acquired a new position in Mueller Industries, Inc. (NYSE:MLI) in the fourth quarter, Holdings Channel reports. The firm acquired 13,568 shares of the industrial products company’s stock, valued at approximately $1,077,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Mueller Industries by 3.2% in the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock worth $329,830,000 after acquiring an additional 139,406 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Mueller Industries by 27.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after acquiring an additional 315,490 shares in the last quarter. FMR LLC boosted its position in shares of Mueller Industries by 2.6% during the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock valued at $79,039,000 after acquiring an additional 27,399 shares in the last quarter. Systematic Financial Management LP lifted its holdings in Mueller Industries by 1.6% during the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock valued at $69,605,000 after purchasing an additional 14,729 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in Mueller Industries by 135.7% during the 4th quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock valued at $40,341,000 after purchasing an additional 292,697 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Analysts Set New Price Targets

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

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $79.62 on Friday. The stock has a market cap of $9.02 billion, a P/E ratio of 14.99 and a beta of 0.99. Mueller Industries, Inc. has a 52-week low of $50.85 and a 52-week high of $96.81. The firm has a 50 day moving average price of $80.15 and a 200 day moving average price of $79.01.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.26%. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. Mueller Industries’s dividend payout ratio (DPR) is currently 18.83%.

Insider Buying and Selling

In other Mueller Industries 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 directly 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 at the SEC website. 2.80% of the stock is owned by insiders.

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.