PNC Financial Services Group Inc. Reduces Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

PNC Financial Services Group Inc. trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 24.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,381 shares of the industrial products company’s stock after selling 4,747 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Mueller Industries were worth $1,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Atria Investments Inc lifted its position in Mueller Industries by 2.5% during the 3rd quarter. Atria Investments Inc now owns 12,396 shares of the industrial products company’s stock worth $919,000 after acquiring an additional 302 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Mueller Industries during the 3rd quarter worth about $320,000. KBC Group NV lifted its position in Mueller Industries by 12.9% during the 3rd quarter. KBC Group NV now owns 2,784 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 318 shares during the period. CIBC Asset Management Inc acquired a new stake in Mueller Industries during the 3rd quarter worth about $243,000. Finally, Quest Partners LLC lifted its position in Mueller Industries by 107,875.0% during the 3rd quarter. Quest Partners LLC now owns 4,319 shares of the industrial products company’s stock worth $320,000 after acquiring an additional 4,315 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the business’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 sale, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is owned by company insiders.

Mueller Industries Stock Up 1.8 %

Shares of MLI stock opened at $79.62 on Monday. The stock has a market cap of $9.02 billion, a PE ratio of 14.99 and a beta of 0.99. The business has a 50-day simple moving average of $80.15 and a 200-day simple moving average of $79.07. Mueller Industries, Inc. has a 52-week low of $50.85 and a 52-week high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Friday, March 14th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is currently 18.83%.

Analyst Ratings Changes

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

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.