Skandinaviska Enskilda Banken AB publ Sells 53,821 Shares of Mueller Industries, Inc. (NYSE:MLI)

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 13.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 343,279 shares of the industrial products company’s stock after selling 53,821 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Mueller Industries were worth $27,380,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. purchased a new stake in Mueller Industries in the third quarter valued at about $41,000. SBI Securities Co. Ltd. purchased a new position in shares of Mueller Industries in the fourth quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Mueller Industries in the fourth quarter worth about $53,000. City State Bank purchased a new position in shares of Mueller Industries in the fourth quarter worth about $58,000. Finally, GAMMA Investing LLC raised its stake in shares of Mueller Industries by 46.7% in the fourth quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 258 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Down 0.8 %

Shares of NYSE:MLI opened at $78.24 on Friday. Mueller Industries, Inc. has a 52-week low of $50.84 and a 52-week high of $96.81. The stock has a market cap of $8.86 billion, a price-to-earnings ratio of 14.73 and a beta of 0.99. The business has a 50-day moving average price of $80.21 and a 200-day moving average price of $78.89.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, beating 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 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 is a boost from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries’s dividend payout ratio (DPR) is currently 18.83%.

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

Insider Activity at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the transaction, the director now directly owns 56,098 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is owned by company 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.