Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 9.8% in the 4th quarter, Holdings Channel reports. The firm owned 23,392 shares of the industrial products company’s stock after selling 2,545 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Mueller Industries were worth $1,856,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Westside Investment Management Inc. acquired a new position in shares of Mueller Industries during the 3rd quarter valued at about $41,000. SBI Securities Co. Ltd. acquired a new stake in shares of Mueller Industries in the fourth quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Mueller Industries during the fourth quarter worth about $53,000. City State Bank acquired a new stake in Mueller Industries during the 4th quarter worth approximately $58,000. Finally, GAMMA Investing LLC raised its stake in shares of Mueller Industries by 46.7% in the fourth quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock valued at $64,000 after acquiring an additional 258 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the 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 transaction, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $79.33 on Wednesday. The company has a market capitalization of $8.99 billion, a P/E ratio of 14.94 and a beta of 0.99. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The company’s fifty day moving average is $80.17 and its two-hundred day moving average is $79.19.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating analysts’ consensus estimates 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 business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.25 per share. This is an increase 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 yield of 1.26%. 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.