TD Asset Management Inc lowered its stake in shares of Mueller Industries, Inc. (NYSE:MLI – Get Rating) by 25.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,100 shares of the industrial products company’s stock after selling 26,400 shares during the quarter. TD Asset Management Inc’s holdings in Mueller Industries were worth $4,549,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Costello Asset Management INC acquired a new stake in Mueller Industries in the third quarter valued at about $35,000. U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Mueller Industries during the 4th quarter valued at approximately $36,000. Wipfli Financial Advisors LLC acquired a new stake in shares of Mueller Industries during the 3rd quarter valued at approximately $38,000. Point72 Hong Kong Ltd acquired a new stake in shares of Mueller Industries during the 2nd quarter valued at approximately $40,000. Finally, Federated Hermes Inc. lifted its position in shares of Mueller Industries by 54.9% during the 3rd quarter. Federated Hermes Inc. now owns 841 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 298 shares during the period. Hedge funds and other institutional investors own 89.64% of the company’s stock.
Mueller Industries Price Performance
Shares of MLI opened at $74.48 on Friday. The firm has a 50 day simple moving average of $71.47 and a 200-day simple moving average of $67.75. Mueller Industries, Inc. has a 1-year low of $50.05 and a 1-year high of $76.00. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of 6.25 and a beta of 1.09.
Mueller Industries (NYSE:MLI – Get Rating) last announced its quarterly earnings data on Tuesday, February 7th. The industrial products company reported $2.46 earnings per share (EPS) for the quarter. Mueller Industries had a net margin of 17.07% and a return on equity of 38.46%. The company had revenue of $877.58 million during the quarter.
Mueller Industries Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, June 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. Mueller Industries’s dividend payout ratio is presently 10.07%.
Analysts Set New Price Targets
Separately, StockNews.com initiated coverage on shares of Mueller Industries in a research note on Thursday, March 16th. They set a “buy” rating for the company.
Insider Activity
In other news, Director John B. Hansen sold 500 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $70.47, for a total transaction of $35,235.00. Following the completion of the sale, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $845,640. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John B. Hansen sold 500 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $70.47, for a total transaction of $35,235.00. Following the completion of the sale, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $845,640. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 55,381 shares of Mueller Industries stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $74.16, for a total transaction of $4,107,054.96. Following the transaction, the chief executive officer now owns 625,784 shares in the company, valued at approximately $46,408,141.44. The disclosure for this sale can be found here. Insiders sold 61,166 shares of company stock valued at $4,529,904 in the last ninety days. Company insiders own 2.90% of the company’s stock.
About Mueller Industries
Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, European Operations, Trading Group, Jungwoo-Mueller, and Mueller Middle East.
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