Meritage Portfolio Management Boosts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Meritage Portfolio Management grew its position in Mueller Industries, Inc. (NYSE:MLI) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,169 shares of the industrial products company’s stock after purchasing an additional 1,590 shares during the quarter. Meritage Portfolio Management’s holdings in Mueller Industries were worth $1,839,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Mueller Industries during the fourth quarter worth $53,000. Stratos Wealth Partners LTD. boosted its position in shares of Mueller Industries by 2.6% during the 4th quarter. Stratos Wealth Partners LTD. now owns 77,397 shares of the industrial products company’s stock worth $6,142,000 after purchasing an additional 1,963 shares during the period. Retirement Systems of Alabama acquired a new stake in shares of Mueller Industries during the fourth quarter worth about $11,877,000. Rockline Wealth Management LLC raised its position in Mueller Industries by 11.6% in the 4th quarter. Rockline Wealth Management LLC now owns 4,828 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 500 shares in the last quarter. Finally, F&V Capital Management LLC grew its stake in shares of Mueller Industries by 1.2% during the fourth quarter. F&V Capital Management LLC now owns 174,354 shares of the industrial products company’s stock worth $13,837,000 after purchasing an additional 2,079 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Trading Up 2.7 %

Shares of MLI stock opened at $78.37 on Thursday. Mueller Industries, Inc. has a 12-month low of $47.46 and a 12-month high of $96.81. The stock has a 50 day simple moving average of $80.25 and a 200-day simple moving average of $76.74. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 15.22 and a beta of 0.98.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.12 by $0.09. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.02%. Mueller Industries’s dividend payout ratio (DPR) is 15.07%.

Insider Transactions at Mueller Industries

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the sale, the director now owns 17,733 shares in the company, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.80% of the company’s stock.

Analysts Set New Price Targets

Separately, Northcoast Research upgraded 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 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.