PNC Financial Services Group Inc. trimmed its position in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,121 shares of the industrial products company’s stock after selling 325 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Mueller Industries were worth $1,362,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of MLI. First Trust Advisors LP raised its holdings in shares of Mueller Industries by 284.1% during the 1st quarter. First Trust Advisors LP now owns 2,701,964 shares of the industrial products company’s stock valued at $198,540,000 after buying an additional 1,998,534 shares during the period. Norges Bank purchased a new stake in shares of Mueller Industries during the 4th quarter valued at about $39,197,000. Envestnet Asset Management Inc. raised its holdings in shares of Mueller Industries by 1,084.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 671,768 shares of the industrial products company’s stock valued at $4,010,000 after buying an additional 615,064 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Mueller Industries during the 1st quarter valued at about $29,681,000. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Mueller Industries by 281.8% during the 1st quarter. Rockefeller Capital Management L.P. now owns 531,416 shares of the industrial products company’s stock valued at $39,047,000 after buying an additional 392,246 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
MLI has been the topic of several analyst reports. Northcoast Research reiterated a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th. StockNews.com downgraded Mueller Industries from a “buy” rating to a “hold” rating in a report on Monday, January 22nd.
View Our Latest Stock Analysis on Mueller Industries
Mueller Industries Stock Up 3.1 %
Shares of NYSE MLI opened at $49.14 on Friday. Mueller Industries, Inc. has a fifty-two week low of $32.94 and a fifty-two week high of $50.61. The business has a 50 day moving average price of $47.53 and a two-hundred day moving average price of $42.25. The firm has a market cap of $5.58 billion, a PE ratio of 9.25 and a beta of 1.10.
Mueller Industries Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.63%. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s dividend payout ratio (DPR) is 11.29%.
Insider Buying and Selling at Mueller Industries
In other Mueller Industries news, Director John B. Hansen sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the completion of the sale, the director now owns 18,000 shares in the company, valued at approximately $887,940. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Mueller Industries news, Director John B. Hansen sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the completion of the sale, the director now owns 18,000 shares in the company, valued at approximately $887,940. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Steffen Sigloch sold 53,792 shares of Mueller Industries stock in a transaction that occurred on Tuesday, December 26th. The stock was sold at an average price of $47.59, for a total value of $2,559,961.28. Following the completion of the transaction, the insider now owns 212,882 shares of the company’s stock, valued at approximately $10,131,054.38. The disclosure for this sale can be found here. Insiders sold a total of 164,602 shares of company stock worth $7,775,459 in the last 90 days. 2.80% of the stock is owned by corporate insiders.
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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.
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Source: americanbankingnews.com
