Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Westover Capital Advisors LLC

Westover Capital Advisors LLC lowered its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 5.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,672 shares of the industrial products company’s stock after selling 1,205 shares during the quarter. Westover Capital Advisors LLC’s holdings in Mueller Industries were worth $1,561,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund boosted its position in Mueller Industries by 20.4% during the 3rd quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock valued at $30,056,000 after purchasing an additional 68,633 shares during the period. State Street Corp boosted its position in Mueller Industries by 3.2% during the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock worth $329,830,000 after acquiring an additional 139,406 shares during the period. Farther Finance Advisors LLC boosted its position in Mueller Industries by 1,322.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,436 shares of the industrial products company’s stock worth $625,000 after acquiring an additional 7,843 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Mueller Industries during the 4th quarter worth $300,000. Finally, Merit Financial Group LLC acquired a new position in Mueller Industries during the 4th quarter worth $287,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In other news, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the transaction, the director now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI stock opened at $79.48 on Tuesday. Mueller Industries, Inc. has a 1 year low of $49.95 and a 1 year high of $96.81. The stock has a fifty day moving average of $80.18 and a two-hundred day moving average of $78.41. The firm has a market capitalization of $9.00 billion, a PE ratio of 14.97 and a beta of 0.98.

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, 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 disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.25 per share. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. Mueller Industries’s dividend payout ratio (DPR) is 18.83%.

Wall Street Analyst Weigh In

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

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.