Geode Capital Management LLC Has $214.76 Million Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Geode Capital Management LLC raised its position in Mueller Industries, Inc. (NYSE:MLI) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,705,588 shares of the industrial products company’s stock after acquiring an additional 117,327 shares during the period. Geode Capital Management LLC owned about 2.38% of Mueller Industries worth $214,763,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Arizona State Retirement System raised its position in Mueller Industries by 0.5% in the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company’s stock worth $2,480,000 after purchasing an additional 170 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Mueller Industries by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company’s stock valued at $274,000 after purchasing an additional 174 shares during the period. Caprock Group LLC lifted its position in shares of Mueller Industries by 2.3% during the 4th quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company’s stock worth $674,000 after buying an additional 194 shares during the period. Kestra Investment Management LLC lifted its position in shares of Mueller Industries by 7.7% during the 4th quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company’s stock worth $242,000 after buying an additional 218 shares during the period. Finally, Addison Capital Co boosted its stake in Mueller Industries by 0.5% in the 4th quarter. Addison Capital Co now owns 51,325 shares of the industrial products company’s stock valued at $4,073,000 after buying an additional 234 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the company’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 value of $798,100.00. Following the completion of the sale, the director now owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.80% of the company’s stock.

Mueller Industries Trading Down 4.6 %

MLI opened at $70.67 on Monday. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The firm has a 50-day moving average price of $79.31 and a two-hundred day moving average price of $79.99. The stock has a market capitalization of $7.83 billion, a PE ratio of 13.31 and a beta of 0.96.

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

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio is currently 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.