Chase Investment Counsel Corp Buys New Position in Mueller Industries, Inc. (NYSE:MLI)

Chase Investment Counsel Corp purchased a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 24,000 shares of the industrial products company's stock, valued at approximately $1,131,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MLI. Beaird Harris Wealth Management LLC purchased a new stake in Mueller Industries in the 3rd quarter valued at about $30,000. Fifth Third Bancorp raised its stake in shares of Mueller Industries by 124.3% in the 4th quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 292 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Mueller Industries by 100.0% in the 4th quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company's stock worth $28,000 after acquiring an additional 299 shares during the last quarter. Adirondack Trust Co. purchased a new position in shares of Mueller Industries during the 3rd quarter worth approximately $45,000. Finally, NBC Securities Inc. acquired a new stake in Mueller Industries in the 3rd quarter valued at approximately $52,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE MLI traded up $0.72 during midday trading on Monday, hitting $58.05. The company's stock had a trading volume of 715,335 shares, compared to its average volume of 686,002. Mueller Industries, Inc. has a 1 year low of $34.96 and a 1 year high of $59.59. The business's fifty day simple moving average is $52.61 and its two-hundred day simple moving average is $47.29. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 11.63 and a beta of 1.08.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 EPS for the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%. The business had revenue of $732.38 million during the quarter.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This is an increase from Mueller Industries's previous quarterly dividend of $0.15. The ex-dividend date was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.38%. Mueller Industries's dividend payout ratio is 16.03%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 5,000 shares of the business's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the completion of the transaction, the director now directly owns 18,000 shares of the company's stock, valued at $887,940. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Mueller Industries news, CFO Jeffrey Andrew Martin sold 52,436 shares of the firm's stock in a transaction on Friday, April 26th. The stock was sold at an average price of $57.25, for a total value of $3,001,961.00. Following the sale, the chief financial officer now directly owns 313,529 shares in the company, valued at $17,949,535.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John B. Hansen sold 5,000 shares of Mueller Industries stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the sale, the director now directly owns 18,000 shares of the company's stock, valued at $887,940. The disclosure for this sale can be found here. Insiders have sold 108,716 shares of company stock valued at $5,806,311 in the last quarter. Corporate insiders own 2.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Northcoast Research restated a "neutral" rating on shares of Mueller Industries in a research note on Friday, January 19th. StockNews.com lowered Mueller Industries from a "buy" rating to a "hold" rating in a research note on Monday, January 22nd.

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.