Summit Global Investments Has $711,000 Holdings in Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments decreased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 29.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,960 shares of the industrial products company’s stock after selling 3,665 shares during the quarter. Summit Global Investments’ holdings in Mueller Industries were worth $711,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Arizona State Retirement System grew its holdings in 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 purchasing an additional 170 shares during the period. CIBC Asset Management Inc raised its position in Mueller Industries by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company’s stock worth $274,000 after acquiring an additional 174 shares in the last quarter. Caprock Group LLC increased its holdings 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 valued at $674,000 after purchasing an additional 194 shares during the last quarter. Kestra Investment Management LLC increased its holdings 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 valued at $242,000 after purchasing an additional 218 shares during the last quarter. Finally, Addison Capital Co increased its holdings in shares of Mueller Industries by 0.5% in the fourth quarter. Addison Capital Co now owns 51,325 shares of the industrial products company’s stock valued at $4,073,000 after purchasing an additional 234 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Trading Down 2.8 %

MLI stock opened at $77.34 on Monday. The firm has a 50-day moving average price of $80.18 and a 200-day moving average price of $79.39. The stock has a market capitalization of $8.76 billion, a P/E ratio of 14.56 and a beta of 0.99. Mueller Industries, Inc. has a 12 month low of $50.85 and a 12 month 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, beating 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.29%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio (DPR) is presently 18.83%.

Analysts Set New Price Targets

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

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the firm’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 in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is currently owned by insiders.

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.