Isthmus Partners LLC Sells 856 Shares of Mueller Industries, Inc. (NYSE:MLI)

Isthmus Partners LLC reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 1.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,545 shares of the industrial products company’s stock after selling 856 shares during the quarter. Isthmus Partners LLC’s holdings in Mueller Industries were worth $4,408,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Westside Investment Management Inc. purchased a new position in Mueller Industries during the third quarter worth about $41,000. SBI Securities Co. Ltd. purchased a new position in shares of Mueller Industries in the 4th quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Mueller Industries in the fourth quarter valued at approximately $53,000. City State Bank purchased a new stake in shares of Mueller Industries during the fourth quarter valued at approximately $58,000. Finally, GAMMA Investing LLC lifted its holdings in Mueller Industries by 46.7% during the fourth quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock worth $64,000 after acquiring an additional 258 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Up 3.3 %

Mueller Industries stock opened at $82.17 on Monday. The company has a market capitalization of $9.31 billion, a P/E ratio of 15.47 and a beta of 0.99. The firm has a 50 day moving average price of $80.14 and a 200-day moving average price of $78.72. Mueller Industries, Inc. has a twelve month low of $50.84 and a twelve month high of $96.81.

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, topping 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 will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.22%. Mueller Industries’s dividend payout ratio is 18.83%.

Insiders Place Their Bets

In related 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 transaction of $798,100.00. Following the sale, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

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 note on Wednesday, December 11th.

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.