Norges Bank Takes Position in Mueller Industries, Inc. (NYSE:MLI)

Norges Bank purchased a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,478,720 shares of the industrial products company’s stock, valued at approximately $117,351,000. Norges Bank owned approximately 1.30% of Mueller Industries as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock worth $329,830,000 after purchasing an additional 139,406 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Mueller Industries in the fourth quarter valued at about $201,376,000. FMR LLC grew its stake in Mueller Industries by 2.6% during the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock valued at $79,039,000 after purchasing an additional 27,399 shares in the last quarter. Systematic Financial Management LP increased its holdings in Mueller Industries by 1.6% during the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock worth $69,605,000 after purchasing an additional 14,729 shares during the last quarter. Finally, 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 valued at $40,341,000 after purchasing an additional 292,697 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $76.18 on Tuesday. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The firm’s 50-day simple moving average is $79.81 and its 200-day simple moving average is $79.86. The firm has a market cap of $8.63 billion, a PE ratio of 14.35 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 was paid on Friday, March 28th. Shareholders 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 1.31%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is currently 18.83%.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated 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 transaction, the director now directly owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Mueller Industries 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.