AXQ Capital LP Acquires Shares of 3,069 Mueller Industries, Inc. (NYSE:MLI)

AXQ Capital LP bought a new position in Mueller Industries, Inc. (NYSE:MLI) in the 4th quarter, Holdings Channel.com reports. The fund bought 3,069 shares of the industrial products company’s stock, valued at approximately $244,000.

Several other large investors also recently added to or reduced their stakes in the business. State Street Corp grew its position in Mueller Industries by 3.2% in the third 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 in the last quarter. William Blair Investment Management LLC bought a new stake in Mueller Industries in the fourth quarter worth approximately $201,376,000. Charles Schwab Investment Management Inc. grew its position in Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after acquiring an additional 315,490 shares in the last quarter. FMR LLC grew its position in Mueller Industries by 2.6% in the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after acquiring an additional 27,399 shares in the last quarter. Finally, Systematic Financial Management LP grew its position in Mueller Industries by 1.6% in the third quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock worth $69,605,000 after acquiring an additional 14,729 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

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 report on Wednesday, December 11th.

Insider Buying and Selling

In related news, Director Scott Jay Goldman sold 10,000 shares of the company’s stock in a transaction on 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by insiders.

Mueller Industries Trading Down 2.8 %

NYSE MLI opened at $77.34 on Monday. The company has a fifty day simple moving average of $80.18 and a 200 day simple moving average of $79.39. The company has a market cap of $8.76 billion, a P/E ratio of 14.56 and a beta of 0.99. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.25 per share. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries’s dividend payout ratio is currently 18.83%.

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.