Prudential Financial Inc. Decreases Stake in Mueller Industries, Inc. (NYSE:MLI)

Prudential Financial Inc. trimmed its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 77.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 27,072 shares of the industrial products company’s stock after selling 91,069 shares during the quarter. Prudential Financial Inc.’s holdings in Mueller Industries were worth $2,148,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. acquired a new stake in shares of Mueller Industries in the 3rd quarter valued at $41,000. SBI Securities Co. Ltd. acquired a new position in Mueller Industries in the fourth quarter valued at approximately $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Mueller Industries in the fourth quarter valued at approximately $53,000. City State Bank acquired a new stake in Mueller Industries during the fourth quarter worth approximately $58,000. Finally, GAMMA Investing LLC lifted its position in shares of Mueller Industries by 46.7% during the 4th 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. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Performance

MLI opened at $70.67 on Friday. The stock has a market capitalization of $8.00 billion, a P/E ratio of 13.31 and a beta of 0.99. Mueller Industries, Inc. has a one year low of $50.85 and a one year high of $96.81. The business’s 50-day simple moving average is $79.31 and its 200-day simple moving average is $79.87.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.25 dividend. The ex-dividend date of this dividend 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 yield of 1.42%. Mueller Industries’s payout ratio is currently 18.83%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director Scott Jay Goldman sold 10,000 shares of the business’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 value 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 document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

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.