Sequoia Financial Advisors LLC Sells 458 Shares of Mueller Industries, Inc. (NYSE:MLI)

Sequoia Financial Advisors LLC cut its holdings in Mueller Industries, Inc. (NYSE:MLI) by 8.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,936 shares of the industrial products company’s stock after selling 458 shares during the period. Sequoia Financial Advisors LLC’s holdings in Mueller Industries were worth $392,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MLI. Westside Investment Management Inc. bought a new stake in Mueller Industries during the third quarter worth approximately $41,000. SBI Securities Co. Ltd. purchased a new position in shares of Mueller Industries in the 4th quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Mueller Industries during the 4th quarter valued at $53,000. City State Bank purchased a new stake in Mueller Industries during the 4th quarter valued at $58,000. Finally, GAMMA Investing LLC lifted its position in 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 buying an additional 258 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the transaction, the director now directly owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is owned by insiders.

Mueller Industries Price Performance

Mueller Industries stock opened at $79.33 on Wednesday. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The company’s 50-day moving average is $80.17 and its 200 day moving average is $79.19. The firm has a market capitalization of $8.99 billion, a P/E ratio of 14.94 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 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 disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid 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 1.26%. The ex-dividend date is Friday, March 14th. Mueller Industries’s payout ratio is presently 18.83%.

Wall Street Analyst Weigh In

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

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.