Moran Wealth Management LLC Cuts Stake in Mueller Industries, Inc. (NYSE:MLI)

Moran Wealth Management LLC lessened its holdings in Mueller Industries, Inc. (NYSE:MLI) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 188,881 shares of the industrial products company’s stock after selling 5,072 shares during the quarter. Moran Wealth Management LLC’s holdings in Mueller Industries were worth $14,990,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Arizona State Retirement System lifted its holdings in Mueller Industries by 0.5% during the 4th quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company’s stock worth $2,480,000 after buying an additional 170 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Mueller Industries by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company’s stock worth $274,000 after acquiring an additional 174 shares in the last quarter. GM Advisory Group LLC lifted its stake in Mueller Industries by 5.3% during the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 192 shares during the last quarter. Caprock Group LLC boosted its holdings in Mueller Industries by 2.3% in the fourth quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company’s stock valued at $674,000 after purchasing an additional 194 shares in the last quarter. Finally, Kestra Investment Management LLC increased its stake in Mueller Industries by 7.7% in the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company’s stock valued at $242,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Price Performance

NYSE MLI opened at $82.17 on Monday. Mueller Industries, Inc. has a 1 year low of $50.84 and a 1 year high of $96.81. The company has a market capitalization of $9.31 billion, a PE ratio of 15.47 and a beta of 0.99. The company has a fifty day moving average of $80.14 and a two-hundred day moving average of $78.72.

Mueller Industries (NYSE:MLI) last released 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 22.97% and a net margin of 16.05%.

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 paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.22%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio is currently 18.83%.

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 for the company in a research report on Wednesday, December 11th.

Insiders Place Their Bets

In other 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 completion of the sale, the director now owns 56,098 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is currently 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.