Mitsubishi UFJ Trust & Banking Corp Purchases 4,938 Shares of Mueller Industries, Inc. (NYSE:MLI)

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 18.4% in the fourth quarter, Holdings Channel reports. The fund owned 31,817 shares of the industrial products company’s stock after buying an additional 4,938 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Mueller Industries were worth $2,525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MLI. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Mueller Industries in the 4th quarter worth $220,000. Corebridge Financial Inc. grew its position in Mueller Industries by 185.7% in the fourth quarter. Corebridge Financial Inc. now owns 183,465 shares of the industrial products company’s stock worth $14,560,000 after acquiring an additional 119,257 shares in the last quarter. LPL Financial LLC increased its stake in Mueller Industries by 59.9% during the fourth quarter. LPL Financial LLC now owns 161,041 shares of the industrial products company’s stock worth $12,780,000 after acquiring an additional 60,354 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in Mueller Industries during the fourth quarter valued at approximately $670,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $2,286,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Trading Down 0.5 %

Shares of MLI opened at $76.18 on Tuesday. Mueller Industries, Inc. has a twelve month low of $50.85 and a twelve month high of $96.81. The company’s fifty day simple moving average is $79.81 and its 200-day simple moving average is $79.86. The company has a market cap of $8.63 billion, a P/E ratio of 14.35 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (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 disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.31%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is presently 18.83%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.80% of the stock is currently owned by corporate insiders.

Mueller Industries Company 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.