Mueller Industries, Inc. $MLI Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 66.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,143 shares of the industrial products company’s stock after selling 8,383 shares during the quarter. Meeder Asset Management Inc.’s holdings in Mueller Industries were worth $419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bayforest Capital Ltd acquired a new position in Mueller Industries in the 3rd quarter valued at about $528,000. Oliver Luxxe Assets LLC boosted its stake in shares of Mueller Industries by 2.4% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 94,825 shares of the industrial products company’s stock worth $9,588,000 after purchasing an additional 2,182 shares during the last quarter. Baker Ellis Asset Management LLC grew its holdings in shares of Mueller Industries by 4.2% during the third quarter. Baker Ellis Asset Management LLC now owns 49,165 shares of the industrial products company’s stock worth $4,971,000 after buying an additional 1,975 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of Mueller Industries by 0.4% in the third quarter. Venturi Wealth Management LLC now owns 179,390 shares of the industrial products company’s stock valued at $18,138,000 after buying an additional 768 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new position in shares of Mueller Industries during the third quarter valued at approximately $1,503,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the transaction, the director directly owned 41,745 shares of the company’s stock, valued at $4,535,176.80. The trade was a 9.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Gregory L. Christopher sold 158,000 shares of the 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 sale, the chief executive officer directly owned 1,119,241 shares of the company’s stock, valued at approximately $116,759,221.12. This trade represents a 12.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 355,234 shares of company stock worth $36,944,652. 2.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Mueller Industries Price Performance

Shares of MLI stock opened at $124.36 on Tuesday. The firm’s 50-day simple moving average is $112.70 and its 200-day simple moving average is $100.62. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $125.61. The firm has a market cap of $13.81 billion, a P/E ratio of 18.56 and a beta of 1.04.

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

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is 14.93%.

Mueller Industries Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.