Parkside Financial Bank & Trust Boosts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Parkside Financial Bank & Trust raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 22.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,643 shares of the industrial products company’s stock after purchasing an additional 303 shares during the period. Parkside Financial Bank & Trust’s holdings in Mueller Industries were worth $130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its stake in Mueller Industries by 2.5% in the fourth quarter. QRG Capital Management Inc. now owns 97,234 shares of the industrial products company’s stock valued at $7,716,000 after purchasing an additional 2,416 shares during the last quarter. Versor Investments LP grew its stake in Mueller Industries by 7.7% in the fourth quarter. Versor Investments LP now owns 9,800 shares of the industrial products company’s stock valued at $778,000 after purchasing an additional 700 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Mueller Industries in the fourth quarter valued at about $1,738,000. Amalgamated Bank grew its stake in Mueller Industries by 55.7% in the fourth quarter. Amalgamated Bank now owns 51,893 shares of the industrial products company’s stock valued at $4,118,000 after purchasing an additional 18,560 shares during the last quarter. Finally, BankPlus Trust Department purchased a new position in Mueller Industries in the fourth quarter valued at about $359,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $80.18 on Monday. The company has a market cap of $9.12 billion, a PE ratio of 15.10 and a beta of 0.98. The business has a 50-day simple moving average of $80.18 and a two-hundred day simple moving average of $78.33. Mueller Industries, Inc. has a fifty-two week low of $49.95 and a fifty-two week high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly 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 return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.25%. The ex-dividend date is 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 currently 18.83%.

Insiders Place Their Bets

In related 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 owns 56,098 shares of the company’s stock, valued at $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 SEC, which is available through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

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 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.