Corebridge Financial Inc. Boosts Stake in Mueller Industries, Inc. (NYSE:MLI)

Corebridge Financial Inc. increased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 185.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 183,465 shares of the industrial products company’s stock after acquiring an additional 119,257 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Mueller Industries worth $14,560,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Westside Investment Management Inc. purchased a new stake in shares of Mueller Industries in the third quarter valued at approximately $41,000. SBI Securities Co. Ltd. purchased a new stake in Mueller Industries in the 4th quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Mueller Industries in the 4th quarter worth $53,000. City State Bank purchased a new position in shares of Mueller Industries during the 4th quarter worth $58,000. Finally, GAMMA Investing LLC boosted its position in shares of Mueller Industries by 46.7% during the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock valued at $64,000 after acquiring an additional 258 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Buying and Selling 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 shares were sold at an average price of $79.81, for a total value 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 trade represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

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

Mueller Industries Stock Performance

MLI stock opened at $79.27 on Wednesday. The firm has a market cap of $8.98 billion, a PE ratio of 14.93 and a beta of 0.99. Mueller Industries, Inc. has a one year low of $50.85 and a one year high of $96.81. The firm’s 50 day moving average price is $80.16 and its 200-day moving average price is $79.58.

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

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.