Prudential PLC Has $2.83 Million Stake in Mueller Industries, Inc. (NYSE:MLI)

Prudential PLC lowered its position in Mueller Industries, Inc. (NYSE:MLI) by 28.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,687 shares of the industrial products company’s stock after selling 14,176 shares during the period. Prudential PLC’s holdings in Mueller Industries were worth $2,832,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MLI. New Age Alpha Advisors LLC acquired a new position in shares of Mueller Industries during the 4th quarter worth $32,000. Westside Investment Management Inc. bought a new stake in Mueller Industries in the third quarter worth $41,000. SBI Securities Co. Ltd. acquired a new position in Mueller Industries during the fourth quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Mueller Industries during the fourth quarter valued at about $53,000. Finally, City State Bank acquired a new stake in shares of Mueller Industries in the fourth quarter worth about $58,000. Institutional investors own 94.50% of the company’s stock.

Wall Street Analyst Weigh In

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

Mueller Industries Trading Down 4.6 %

NYSE MLI opened at $70.67 on Friday. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The company has a fifty day simple moving average of $79.31 and a 200 day simple moving average of $79.93. The company has a market cap of $8.00 billion, a P/E ratio of 13.31 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, March 14th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.42%. Mueller Industries’s payout ratio is 18.83%.

Insider Activity

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 company insiders.

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.