Wedge Capital Management L L P NC Buys 110,602 Shares of Mueller Industries, Inc. (NYSE:MLI)

Wedge Capital Management L L P NC boosted its stake in Mueller Industries, Inc. (NYSE:MLI) by 66.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 276,739 shares of the industrial products company’s stock after buying an additional 110,602 shares during the period. Wedge Capital Management L L P NC owned approximately 0.24% of Mueller Industries worth $13,048,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in MLI. Beaird Harris Wealth Management LLC bought a new stake in Mueller Industries during the third quarter worth about $30,000. Fifth Third Bancorp raised its holdings in shares of Mueller Industries by 124.3% during the fourth quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 292 shares during the period. Adirondack Trust Co. bought a new position in shares of Mueller Industries during the 3rd quarter worth about $45,000. NBC Securities Inc. acquired a new position in Mueller Industries during the 3rd quarter worth approximately $52,000. Finally, Versant Capital Management Inc boosted its holdings in Mueller Industries by 100.0% in the fourth quarter. Versant Capital Management Inc now owns 974 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 487 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Price Performance

Shares of Mueller Industries stock traded up $3.21 during trading hours on Tuesday, reaching $56.75. The company had a trading volume of 118,735 shares, compared to its average volume of 652,643. The business has a fifty day simple moving average of $51.76 and a 200 day simple moving average of $46.56. The firm has a market cap of $6.45 billion, a PE ratio of 10.07 and a beta of 1.08. Mueller Industries, Inc. has a one year low of $34.08 and a one year high of $56.79.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 EPS for the quarter. Mueller Industries had a net margin of 17.63% and a return on equity of 27.59%. The business had revenue of $732.38 million for the quarter.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.20 dividend. This is a boost from Mueller Industries’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.41%. Mueller Industries’s payout ratio is 15.05%.

Insider Activity

In other Mueller Industries news, Director John B. Hansen sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now directly owns 18,000 shares in the company, valued at approximately $887,940. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Jeffrey Andrew Martin sold 47,280 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $49.25, for a total value of $2,328,540.00. Following the completion of the transaction, the chief financial officer now directly owns 370,840 shares in the company, valued at approximately $18,263,870. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now owns 18,000 shares in the company, valued at approximately $887,940. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Northcoast Research restated a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th. StockNews.com downgraded Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd.

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.