Royce & Associates LP Sells 91,287 Shares of Mueller Industries, Inc. (NYSE:MLI)

Royce & Associates LP reduced its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 14.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 532,155 shares of the industrial products company’s stock after selling 91,287 shares during the period. Royce & Associates LP’s holdings in Mueller Industries were worth $40,518,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MLI. KLP Kapitalforvaltning AS bought a new position in Mueller Industries during the 4th quarter worth $2,286,000. LPL Financial LLC raised its position in shares of Mueller Industries by 59.9% in the 4th quarter. LPL Financial LLC now owns 161,041 shares of the industrial products company’s stock worth $12,780,000 after acquiring an additional 60,354 shares in the last quarter. Corebridge Financial Inc. raised its position in shares of Mueller Industries by 185.7% in the 4th quarter. Corebridge Financial Inc. now owns 183,465 shares of the industrial products company’s stock worth $14,560,000 after acquiring an additional 119,257 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Mueller Industries in the 4th quarter worth about $220,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Mueller Industries by 18.4% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 31,817 shares of the industrial products company’s stock worth $2,525,000 after acquiring an additional 4,938 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Performance

Shares of MLI stock traded up $0.80 during mid-day trading on Thursday, hitting $87.91. The company’s stock had a trading volume of 271,321 shares, compared to its average volume of 1,022,587. The company’s fifty day simple moving average is $79.39 and its 200-day simple moving average is $78.24. Mueller Industries, Inc. has a 52 week low of $62.74 and a 52 week high of $96.81. The company has a market cap of $9.73 billion, a PE ratio of 13.95 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.34. Mueller Industries had a return on equity of 24.94% and a net margin of 17.48%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries’s revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Friday, June 6th. Mueller Industries’s payout ratio is 15.87%.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 16,483 shares of Mueller Industries stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the completion of the transaction, the director owned 39,615 shares in the company, valued at approximately $2,910,117.90. The trade was a 29.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Terry Hermanson sold 10,000 shares of Mueller Industries stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total value of $743,400.00. Following the transaction, the director owned 100,082 shares of the company’s stock, valued at $7,440,095.88. This trade represents a 9.08% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,613 shares of company stock worth $2,198,600. Insiders own 2.70% of the company’s stock.

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.