KLP Kapitalforvaltning AS Takes Position in Mueller Industries, Inc. (NYSE:MLI)

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

Other institutional investors and hedge funds have also made changes to their positions in the company. Citigroup Inc. increased its position in Mueller Industries by 48.1% during the 3rd quarter. Citigroup Inc. now owns 147,833 shares of the industrial products company’s stock worth $10,954,000 after purchasing an additional 48,045 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Mueller Industries by 125.1% during the 3rd quarter. Cerity Partners LLC now owns 8,216 shares of the industrial products company’s stock worth $609,000 after purchasing an additional 4,566 shares during the last quarter. FMR LLC grew its holdings in shares of Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after buying an additional 27,399 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Mueller Industries by 9.1% in the third quarter. BNP Paribas Financial Markets now owns 74,834 shares of the industrial products company’s stock valued at $5,545,000 after buying an additional 6,243 shares during the last quarter. Finally, Townsquare Capital LLC purchased a new position in shares of Mueller Industries during the third quarter valued at approximately $381,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were 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. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Mueller Industries Stock Down 1.7 %

Shares of MLI opened at $77.57 on Friday. Mueller Industries, Inc. has a fifty-two week low of $50.85 and a fifty-two week high of $96.81. The company’s fifty day moving average is $80.03 and its two-hundred day moving average is $79.56. The firm has a market cap of $8.79 billion, a PE ratio of 14.61 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last posted 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.25 dividend. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.29%. Mueller Industries’s dividend payout ratio (DPR) is presently 18.83%.

About Mueller Industries

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.