Mueller Industries, Inc. (NYSE:MLI) Shares Acquired by Amalgamated Bank

Amalgamated Bank increased its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 55.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 51,893 shares of the industrial products company’s stock after acquiring an additional 18,560 shares during the quarter. Amalgamated Bank’s holdings in Mueller Industries were worth $4,118,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MLI. New York State Common Retirement Fund grew its stake in shares of Mueller Industries by 20.4% in the 3rd quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock worth $30,056,000 after purchasing an additional 68,633 shares during the last quarter. State Street Corp boosted its holdings 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 buying an additional 139,406 shares in the last quarter. Farther Finance Advisors LLC grew its position in Mueller Industries by 1,322.6% in the third quarter. Farther Finance Advisors LLC now owns 8,436 shares of the industrial products company’s stock worth $625,000 after buying an additional 7,843 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Mueller Industries in the fourth quarter valued at $300,000. Finally, Merit Financial Group LLC acquired a new stake in shares of Mueller Industries during the 4th quarter valued at $287,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Up 1.8 %

Shares of MLI opened at $80.18 on Friday. The business’s 50-day moving average price is $80.18 and its 200 day moving average price is $78.18. The stock has a market capitalization of $9.12 billion, a P/E ratio of 15.10 and a beta of 0.98. Mueller Industries, Inc. has a 1-year low of $49.95 and a 1-year high of $96.81.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.09. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.25 per share. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, March 14th. Mueller Industries’s payout ratio is 18.83%.

Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Analysts Set New Price Targets

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a 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.