Harbour Investments Inc. Has $3.13 Million Position in Mueller Industries, Inc. (NYSE:MLI)

Harbour Investments Inc. cut its holdings in Mueller Industries, Inc. (NYSE:MLI) by 33.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,433 shares of the industrial products company’s stock after selling 20,212 shares during the period. Harbour Investments Inc.’s holdings in Mueller Industries were worth $3,129,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MLI. Charles Schwab Investment Management Inc. raised its position in shares of Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after acquiring an additional 315,490 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Mueller Industries by 135.7% in the 4th quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock worth $40,341,000 after acquiring an additional 292,697 shares in the last quarter. Four Tree Island Advisory LLC bought a new position in shares of Mueller Industries in the 4th quarter worth about $19,376,000. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Mueller Industries by 77.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company’s stock worth $29,152,000 after acquiring an additional 171,671 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Mueller Industries by 343.9% in the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company’s stock worth $14,613,000 after acquiring an additional 152,780 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Insider Transactions at Mueller Industries

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 in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI opened at $79.62 on Monday. The stock has a 50 day moving average price of $80.15 and a two-hundred day moving average price of $79.07. The firm has a market capitalization of $9.02 billion, a P/E ratio of 14.99 and a beta of 0.99. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is presently 18.83%.

Analysts Set New Price Targets

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a research report 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.