Mueller Industries, Inc. $MLI Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 7.4% during the second quarter, Holdings Channel.com reports. The institutional investor owned 877,275 shares of the industrial products company’s stock after selling 70,215 shares during the quarter. Bank of New York Mellon Corp’s holdings in Mueller Industries were worth $69,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group lifted its position in Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 278 shares during the period. Rise Advisors LLC purchased a new position in shares of Mueller Industries in the first quarter worth about $30,000. Maseco LLP acquired a new stake in shares of Mueller Industries during the second quarter worth about $40,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Mueller Industries during the first quarter worth about $76,000. Finally, Dagco Inc. purchased a new stake in Mueller Industries in the first quarter valued at approximately $77,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 158,000 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the sale, the chief executive officer directly owned 1,119,241 shares in the company, valued at approximately $116,759,221.12. The trade was a 12.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the transaction, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. The trade was a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 352,000 shares of company stock worth $36,576,640. Insiders own 2.70% of the company’s stock.

Mueller Industries Trading Up 0.7%

Shares of NYSE:MLI opened at $107.22 on Monday. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $109.48. The business has a 50 day moving average of $100.77 and a two-hundred day moving average of $88.64. The company has a market capitalization of $11.90 billion, a PE ratio of 16.00 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $942.00 million. During the same period last year, the firm earned $1.48 earnings per share. Mueller Industries’s revenue for the quarter was up 8.0% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s payout ratio is presently 14.93%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $105.00.

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.