Prudential Financial Inc. Decreases Position in Mueller Industries, Inc. (NYSE:MLI)
Prudential Financial Inc. reduced its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 77.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,072 shares of the industrial products company's stock after selling 91,069 shares during the period. Prudential Financial Inc.'s holdings in Mueller Industries were worth $2,148,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in 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 acquiring an additional 139,406 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Mueller Industries during the 4th quarter worth approximately $300,000. Merit Financial Group LLC purchased a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $287,000. Rhumbline Advisers lifted its position in Mueller Industries by 13.7% during the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock worth $28,895,000 after buying an additional 43,893 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Mueller Industries by 3.0% during the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock worth $1,451,000 after buying an additional 537 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.
Shares of NYSE MLI opened at $70.67 on Friday. The company has a market capitalization of $8.00 billion, a P/E ratio of 13.31 and a beta of 0.99. The company has a 50 day simple moving average of $79.31 and a 200-day simple moving average of $79.87. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81.
Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 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%.
The business also recently announced 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 annualized dividend and a yield of 1.42%. 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 dividend payout ratio (DPR) is 18.83%.
In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction dated 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 $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 available at the SEC website. 2.80% of the stock is owned by corporate insiders.
Separately, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price target on the stock in a report on Wednesday, December 11th.
Read Our Latest Research Report on MLI
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.
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