First Manhattan CO. LLC. Reduces Stake in Mueller Industries, Inc. (NYSE:MLI)

First Manhattan CO. LLC. cut its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 10.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 23,045 shares of the industrial products company’s stock after selling 2,645 shares during the period. First Manhattan CO. LLC.’s holdings in Mueller Industries were worth $1,829,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP raised its stake in shares of Mueller Industries by 5.6% during the 4th quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company’s stock worth $493,217,000 after buying an additional 327,479 shares during the last quarter. Invesco Ltd. raised its position in Mueller Industries by 50.3% during the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company’s stock worth $221,304,000 after acquiring an additional 933,498 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company’s stock valued at $214,763,000 after purchasing an additional 117,327 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $201,376,000. Finally, FMR LLC increased its stake in shares of Mueller Industries by 79.2% during the 4th quarter. FMR LLC now owns 1,911,689 shares of the industrial products company’s stock worth $151,712,000 after purchasing an additional 845,031 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 36,483 shares of company stock worth $2,752,341 in the last quarter. 2.70% of the stock is owned by insiders.

Mueller Industries Stock Performance

MLI stock opened at $74.89 on Friday. The stock’s 50 day moving average price is $75.48 and its 200 day moving average price is $79.81. The firm has a market cap of $8.29 billion, a P/E ratio of 14.10 and a beta of 1.03. Mueller Industries, Inc. has a 1 year low of $53.53 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.08. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $1 billion. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. Mueller Industries’s dividend payout ratio is currently 18.21%.

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.