Harbour Investments Inc. Sells 20,212 Shares of Mueller Industries, Inc. (NYSE:MLI)

Harbour Investments Inc. lowered its position in Mueller Industries, Inc. (NYSE:MLI) by 33.9% during the 4th quarter, HoldingsChannel reports. The firm owned 39,433 shares of the industrial products company’s stock after selling 20,212 shares during the period. Harbour Investments Inc.’s holdings in Mueller Industries were worth $3,129,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System grew its stake in shares of Mueller Industries by 0.5% during the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company’s stock valued at $2,480,000 after buying an additional 170 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Mueller Industries by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company’s stock worth $274,000 after purchasing an additional 174 shares during the last quarter. GM Advisory Group LLC grew its stake in shares of Mueller Industries by 5.3% in the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 192 shares during the last quarter. Caprock Group LLC grew its stake in shares of Mueller Industries by 2.3% in the fourth quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company’s stock worth $674,000 after purchasing an additional 194 shares during the last quarter. Finally, Kestra Investment Management LLC grew its stake in shares of Mueller Industries by 7.7% in the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company’s stock worth $242,000 after purchasing an additional 218 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.

Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.

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 Stock Performance

Mueller Industries stock opened at $79.62 on Monday. The stock’s 50 day simple moving average is $80.15 and its two-hundred day simple moving average is $79.07. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of 14.99 and a beta of 0.99. Mueller Industries, Inc. has a fifty-two week low of $50.85 and a fifty-two week 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 (EPS) for the quarter, beating 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 firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.83%.

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.