Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Assetmark Inc.

Assetmark Inc. decreased its position in Mueller Industries, Inc. (NYSE:MLI) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 122,276 shares of the industrial products company’s stock after selling 349 shares during the period. Assetmark Inc. owned about 0.11% of Mueller Industries worth $9,704,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. CIBC Asset Management Inc increased its holdings in Mueller Industries by 5.3% in 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 grew its position in shares of Mueller Industries by 5.3% in the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 192 shares during the period. Caprock Group LLC increased its stake in shares of Mueller Industries by 2.3% during the fourth quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company’s stock worth $674,000 after purchasing an additional 194 shares in the last quarter. Kestra Investment Management LLC raised its position in shares of Mueller Industries by 7.7% during the 4th quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company’s stock worth $242,000 after purchasing an additional 218 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Mueller Industries by 46.7% in the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock valued at $64,000 after buying an additional 258 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI stock opened at $82.17 on Friday. Mueller Industries, Inc. has a fifty-two week low of $50.84 and a fifty-two week high of $96.81. The firm has a market capitalization of $9.31 billion, a P/E ratio of 15.47 and a beta of 0.99. The stock’s fifty day moving average is $80.09 and its two-hundred day moving average is $78.50.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share 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 business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued 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 dividend yield of 1.22%. The ex-dividend date is Friday, March 14th. Mueller Industries’s payout ratio is currently 18.83%.

Analyst Upgrades and Downgrades

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.

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.