Wedge Capital Management L L P NC Sells 35,395 Shares of Mueller Industries, Inc. $MLI

Wedge Capital Management L L P NC lessened its stake in Mueller Industries, Inc. (NYSE:MLI) by 21.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,143 shares of the industrial products company’s stock after selling 35,395 shares during the period. Wedge Capital Management L L P NC owned about 0.12% of Mueller Industries worth $14,711,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Savant Capital LLC raised its stake in shares of Mueller Industries by 239.2% during the third quarter. Savant Capital LLC now owns 14,145 shares of the industrial products company’s stock valued at $1,430,000 after acquiring an additional 9,975 shares during the last quarter. Ballast Asset Management LP purchased a new stake in Mueller Industries in the 3rd quarter worth approximately $3,057,000. Ariose Capital Management Ltd purchased a new position in shares of Mueller Industries during the third quarter valued at approximately $3,904,000. Riggs Asset Managment Co. Inc. bought a new stake in Mueller Industries in the third quarter valued at $7,158,000. Finally, Lecap Asset Management Ltd. bought a new position in Mueller Industries in the 3rd quarter worth $1,503,000. 94.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the sale, the director owned 41,645 shares of the company’s stock, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the sale, the director directly owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This represents a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $108.40 on Friday. The firm has a market cap of $12.03 billion, a price-to-earnings ratio of 15.78 and a beta of 1.04. The business has a 50-day simple moving average of $119.72 and a two-hundred day simple moving average of $112.29. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $139.29.

Mueller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were paid a $0.35 dividend. This is an increase from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, March 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. Mueller Industries’s dividend payout ratio (DPR) is 20.38%.

Analyst Ratings Changes

A number of research firms recently issued reports on MLI. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy”.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.