IFP Advisors Inc Sells 4,093 Shares of Mueller Industries, Inc. (NYSE:MLI)

IFP Advisors Inc reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 24.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,558 shares of the industrial products company’s stock after selling 4,093 shares during the period. IFP Advisors Inc’s holdings in Mueller Industries were worth $996,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MLI. Westside Investment Management Inc. bought a new position in shares of Mueller Industries during the 3rd quarter worth $41,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Mueller Industries during the 4th quarter worth about $53,000. City State Bank bought a new position in Mueller Industries during the 4th quarter worth about $58,000. GAMMA Investing LLC increased its position in Mueller Industries by 46.7% during the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 258 shares during the period. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Mueller Industries in the 3rd quarter valued at about $64,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is currently owned by company insiders.

Mueller Industries Trading Down 1.1 %

Shares of NYSE MLI opened at $78.86 on Friday. Mueller Industries, Inc. has a 12-month low of $49.95 and a 12-month high of $96.81. The stock’s fifty day simple moving average is $80.18 and its two-hundred day simple moving average is $78.09. The stock has a market capitalization of $8.97 billion, a PE ratio of 14.85 and a beta of 0.98.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, beating 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.25 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.27%. 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 upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Wednesday, December 11th.

Mueller Industries Company 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.