Mueller Industries, Inc. (NYSE:MLI) Shares Bought by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC lifted its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 46.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 47,453 shares of the industrial products company’s stock after buying an additional 15,004 shares during the quarter. Abacus FCF Advisors LLC’s holdings in Mueller Industries were worth $3,766,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. New Age Alpha Advisors LLC bought a new position in Mueller Industries during the 4th quarter worth $32,000. Westside Investment Management Inc. acquired a new stake in shares of Mueller Industries in the third quarter valued at $41,000. SBI Securities Co. Ltd. acquired a new stake in Mueller Industries in the 4th quarter valued at about $47,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Mueller Industries during the fourth quarter worth approximately $53,000. Finally, City State Bank bought a new stake in shares of Mueller Industries during the 4th quarter worth $58,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the company’s stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

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

Mueller Industries Stock Down 1.4 %

NYSE MLI opened at $69.63 on Tuesday. Mueller Industries, Inc. has a 12-month low of $50.85 and a 12-month high of $96.81. The company has a 50 day moving average price of $79.12 and a two-hundred day moving average price of $79.96. The stock has a market capitalization of $7.71 billion, a PE ratio of 13.11 and a beta of 0.96.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, topping 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 was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid 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 was Friday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.44%. Mueller Industries’s dividend payout ratio is presently 18.83%.

About Mueller Industries

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.