Mueller Industries, Inc. MLI recently announced rewards for shareholders in the form of a hike in the quarterly dividend rate. Also, it noted that it will be redeeming subordinated debentures that are due to expire in 2027.It is worth noting here that the company’s shares have gained 3.6% in the past two days. The closing price was $39.12 yesterday.Inside the HeadlinesIts board of directors approved a 30% hike in the quarterly dividend rate. The rate now stands at 13 cents per share. The previous quarterly dividend rate was 10 cents. On an annual basis, the dividend rate now stands at 52 cents per share, up from the previous rate of 40 cents.The company will pay the revised quarterly dividend on Apr 2, 2021 to shareholders of record as of Mar 19, 2021.Such shareholder-friendly policies reflect its strong cash position and growth potential.With regard to redemption of debentures, a full notice will be extended to all holders on Feb 25, 2021. Available cash and borrowing from the revolving credit facility will be used for fulfilling the company’s redemption needs. Notably, the debentures to be redeemed carry an interest rate of 6% (annual).Mueller effectively uses capital for growth investments, rewarding shareholders, lowering debts and making acquisitions. In 2020, the company used $22.3 million to distribute dividends and $5.6 million for repurchasing shares. Also, it used $246.9 million for repaying long-term debt.Zacks Rank & Estimates TrendWith a market capitalization of $2.2 billion, Mueller currently carries a Zacks Rank #3 (Hold). In the past three months, the company’s shares have gained 15.3% compared with 21.1% growth recorded by the industry.The Zacks Consensus Estimate for the company’s 2021 earnings is pegged at $2.48, indicating 0.8% year-over-year growth.Mueller Industries, Inc. Price and Consensus Mueller Industries, Inc. price-consensus-chart | Mueller Industries, Inc. QuoteStocks to ConsiderSome better-ranked stocks in the Zacks Industrial Products sector include Chart Industries, Inc. GTLS, Kadant Inc. KAI and Applied Industrial Technologies, Inc. AIT. While both Chart Industries and Kadant sport a Zacks Rank #1 (Strong Buy), Applied Industrial carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.In the past 30 days, earnings estimates for these companies have improved for the current year. Further, average earnings surprise in the last reported quarter was 58.75% for Chart Industries, 18.46% for Kadant and 28.95% for Applied Industrial.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time. See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Chart Industries, Inc. (GTLS): Free Stock Analysis Report Mueller Industries, Inc. (MLI): Free Stock Analysis Report Kadant Inc (KAI): Free Stock Analysis Report To read this article on Zacks.com click here.