Flagship Harbor Advisors LLC Takes $300,000 Position in Mueller Industries, Inc. (NYSE:MLI)

Flagship Harbor Advisors LLC purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) in the 4th quarter, Holdings Channel reports. The fund purchased 3,780 shares of the industrial products company’s stock, valued at approximately $300,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MLI. GAMMA Investing LLC grew its stake in shares of Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 146 shares during the period. Westside Investment Management Inc. bought a new position in shares of Mueller Industries during the 3rd quarter valued at approximately $41,000. City State Bank bought a new position in shares of Mueller Industries during the 4th quarter valued at approximately $58,000. Harbor Capital Advisors Inc. bought a new position in shares of Mueller Industries during the 3rd quarter valued at approximately $64,000. Finally, Quarry LP grew its stake in shares of Mueller Industries by 525.5% during the 2nd quarter. Quarry LP now owns 1,301 shares of the industrial products company’s stock valued at $74,000 after acquiring an additional 1,093 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Price Performance

MLI stock opened at $79.63 on Thursday. Mueller Industries, Inc. has a 1-year low of $47.46 and a 1-year high of $96.81. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of 15.46 and a beta of 1.00. The business has a 50 day simple moving average of $80.89 and a two-hundred day simple moving average of $76.22.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.20 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 1.00%. Mueller Industries’s payout ratio is 15.53%.

Analyst Ratings Changes

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Wednesday, December 11th.

Insiders Place Their Bets

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the completion of the transaction, the director now directly owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Mueller Industries 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.