28,800 Shares in Mueller Industries, Inc. (NYSE:MLI) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new stake in Mueller Industries, Inc. (NYSE:MLI) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 28,800 shares of the industrial products company’s stock, valued at approximately $2,286,000.

Other hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. acquired a new stake in Mueller Industries during the 3rd quarter valued at $41,000. SBI Securities Co. Ltd. purchased a new position in Mueller Industries in the 4th quarter valued at about $47,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Mueller Industries during the fourth quarter valued at about $53,000. City State Bank purchased a new stake in shares of Mueller Industries during the fourth quarter worth about $58,000. Finally, GAMMA Investing LLC lifted its stake in shares of 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 acquiring an additional 258 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Trading Down 1.7 %

Shares of NYSE:MLI opened at $77.57 on Friday. The firm has a market cap of $8.79 billion, a PE ratio of 14.61 and a beta of 0.99. The company has a fifty day simple moving average of $80.03 and a 200 day simple moving average of $79.56. Mueller Industries, Inc. has a 12-month low of $50.85 and a 12-month high of $96.81.

Mueller Industries (NYSE:MLI) last released its 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 company also recently disclosed 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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.29%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio is presently 18.83%.

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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.