Westfield Capital Management Co. LP Has $12.93 Million Stock Holdings in Mueller Industries, Inc. $MLI

Westfield Capital Management Co. LP reduced its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 15.7% in the third quarter, Holdings Channel reports. The institutional investor owned 127,835 shares of the industrial products company’s stock after selling 23,866 shares during the period. Westfield Capital Management Co. LP’s holdings in Mueller Industries were worth $12,925,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MLI. Intech Investment Management LLC boosted its stake in Mueller Industries by 19.7% during the 3rd quarter. Intech Investment Management LLC now owns 104,867 shares of the industrial products company’s stock valued at $10,603,000 after purchasing an additional 17,276 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Mueller Industries during the third quarter worth $1,220,000. JFS Wealth Advisors LLC raised its position in Mueller Industries by 121.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after buying an additional 138 shares during the last quarter. Waddell & Associates LLC bought a new position in Mueller Industries during the 3rd quarter valued at $250,000. Finally, Compound Planning Inc. boosted its holdings in Mueller Industries by 10.5% during the 3rd quarter. Compound Planning Inc. now owns 5,205 shares of the industrial products company’s stock worth $526,000 after acquiring an additional 493 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following the sale, the director owned 90,664 shares of the company’s stock, valued at approximately $10,581,395.44. The trade was a 1.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Jay Goldman sold 4,430 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the transaction, the director owned 41,645 shares in the company, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy”.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $120.41 on Friday. The company has a market capitalization of $13.37 billion, a P/E ratio of 17.53 and a beta of 1.03. The company’s 50-day moving average is $122.98 and its 200 day moving average is $109.58. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $139.29.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s payout ratio is currently 14.56%.

About Mueller Industries

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.