PNC Financial Services Group Inc. Sells 4,747 Shares of Mueller Industries, Inc. (NYSE:MLI)

PNC Financial Services Group Inc. trimmed its stake in Mueller Industries, Inc. (NYSE:MLI) by 24.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,381 shares of the industrial products company’s stock after selling 4,747 shares during the period. PNC Financial Services Group Inc.’s holdings in Mueller Industries were worth $1,141,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MLI. Charles Schwab Investment Management Inc. lifted its stake in shares of Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after purchasing an additional 315,490 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Mueller Industries by 135.7% in the 4th quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock valued at $40,341,000 after purchasing an additional 292,697 shares during the last quarter. Four Tree Island Advisory LLC bought a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $19,376,000. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Mueller Industries by 77.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company’s stock valued at $29,152,000 after purchasing an additional 171,671 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Mueller Industries by 343.9% during the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company’s stock worth $14,613,000 after acquiring an additional 152,780 shares during the last quarter. 94.50% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction on 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 in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

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

Mueller Industries Stock Up 1.8 %

MLI opened at $79.62 on Monday. The stock’s fifty day moving average is $80.15 and its two-hundred day moving average is $79.07. The company has a market capitalization of $9.02 billion, a P/E ratio of 14.99 and a beta of 0.99. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI) last announced 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 return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is an increase 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 1.26%. Mueller Industries’s dividend payout ratio (DPR) is currently 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.