Connor Clark & Lunn Investment Management Ltd. Sells 2,545 Shares of Mueller Industries, Inc. (NYSE:MLI)

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 9.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,392 shares of the industrial products company’s stock after selling 2,545 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Mueller Industries were worth $1,856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after purchasing an additional 315,490 shares in the last quarter. Allianz Asset Management GmbH increased its position in Mueller Industries by 135.7% during the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock valued at $40,341,000 after acquiring an additional 292,697 shares during the last quarter. Four Tree Island Advisory LLC bought a new position in shares of Mueller Industries in the 4th quarter worth approximately $19,376,000. Caisse DE Depot ET Placement DU Quebec raised its position in Mueller Industries by 77.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company’s stock worth $29,152,000 after acquiring an additional 171,671 shares during the period. Finally, Barclays PLC raised its holdings in Mueller Industries by 343.9% in the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company’s stock worth $14,613,000 after purchasing an additional 152,780 shares during the period. Institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded 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.

Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of the sale, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.80% of the company’s stock.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $79.33 on Wednesday. The stock has a market capitalization of $8.99 billion, a P/E ratio of 14.94 and a beta of 0.99. The business’s 50 day moving average is $80.17 and its two-hundred day moving average is $79.19. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81.

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

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.