Assetmark Inc. Reduces Holdings in Mueller Industries, Inc. (NYSE:MLI)

Assetmark Inc. lessened its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 122,276 shares of the industrial products company’s stock after selling 349 shares during the quarter. Assetmark Inc.’s holdings in Mueller Industries were worth $9,704,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Fiera Capital Corp purchased a new position in Mueller Industries during the third quarter worth about $35,552,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after purchasing an additional 315,490 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Mueller Industries by 135.7% in the fourth 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. Four Tree Island Advisory LLC purchased a new stake in Mueller Industries during the 4th quarter worth approximately $19,376,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in Mueller Industries by 77.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company’s stock worth $29,152,000 after buying an additional 171,671 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Shares of MLI opened at $82.17 on Friday. Mueller Industries, Inc. has a 1 year low of $50.84 and a 1 year high of $96.81. The stock has a market capitalization of $9.31 billion, a PE ratio of 15.47 and a beta of 0.99. The stock has a 50-day simple moving average of $80.09 and a 200-day simple moving average of $78.50.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. Investors of record on Friday, March 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.22%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is presently 18.83%.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now directly owns 56,098 shares of the company’s stock, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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