Gallacher Capital Management LLC Acquires New Stake in Mueller Industries, Inc. (NYSE:MLI)

Gallacher Capital Management LLC bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,631 shares of the industrial products company’s stock, valued at approximately $209,000.

A number of other large investors have also modified their holdings of the business. Atria Investments Inc boosted its position in Mueller Industries by 2.5% during the third 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 last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Mueller Industries during the 3rd quarter worth approximately $320,000. KBC Group NV grew its position in shares of Mueller Industries by 12.9% in the third quarter. KBC Group NV now owns 2,784 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 318 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Mueller Industries in the third quarter valued at approximately $243,000. Finally, Quest Partners LLC lifted its position in Mueller Industries by 107,875.0% during the third quarter. Quest Partners LLC now owns 4,319 shares of the industrial products company’s stock worth $320,000 after buying an additional 4,315 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Up 1.8 %

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

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the sale, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.80% of the stock is owned by insiders.

Mueller Industries 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.