Mueller Industries, Inc. (NYSE:MLI) Stake Boosted by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 59.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 844,287 shares of the industrial products company’s stock after buying an additional 316,095 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Mueller Industries were worth $67,003,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. New Age Alpha Advisors LLC acquired a new stake in shares of Mueller Industries during the fourth quarter valued at approximately $32,000. 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 stake in shares of Mueller Industries in the fourth quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Mueller Industries in the fourth quarter worth $53,000. Finally, City State Bank purchased a new position in shares of Mueller Industries during the fourth quarter valued at $58,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were 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. This trade represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is owned by corporate insiders.

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 report on Wednesday, December 11th.

Mueller Industries Stock Performance

Shares of MLI opened at $76.18 on Tuesday. The company has a market capitalization of $8.63 billion, a PE ratio of 14.35 and a beta of 0.99. The company’s 50 day moving average price is $79.81 and its 200 day moving average price is $79.86. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating 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 declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.25 per share. The ex-dividend date was 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 1.31%. Mueller Industries’s dividend payout ratio (DPR) is 18.83%.

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.