Summit Global Investments Cuts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments reduced its position in Mueller Industries, Inc. (NYSE:MLI) by 1.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 12,625 shares of the industrial products company’s stock after selling 219 shares during the quarter. Summit Global Investments’ holdings in Mueller Industries were worth $936,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Mueller Industries by 0.5% during the first quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock worth $666,524,000 after acquiring an additional 59,060 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Mueller Industries by 20.4% in the 3rd quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock valued at $30,056,000 after buying an additional 68,633 shares during the period. Westfield Capital Management Co. LP boosted its stake in shares of Mueller Industries by 6.1% in the first quarter. Westfield Capital Management Co. LP now owns 168,849 shares of the industrial products company’s stock valued at $9,106,000 after buying an additional 9,719 shares in the last quarter. SG Americas Securities LLC grew its holdings in Mueller Industries by 314.6% during the second quarter. SG Americas Securities LLC now owns 38,041 shares of the industrial products company’s stock worth $2,166,000 after acquiring an additional 28,865 shares during the period. Finally, Janus Henderson Group PLC raised its position in Mueller Industries by 24.0% in the first quarter. Janus Henderson Group PLC now owns 110,713 shares of the industrial products company’s stock worth $5,971,000 after acquiring an additional 21,404 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Buying and Selling

In other Mueller Industries news, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the transaction, the chief executive officer now owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,214,311 shares of the company’s stock, valued at $84,904,625.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gregory L. Christopher sold 45,000 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total value of $3,047,850.00. Following the sale, the chief executive officer now directly owns 1,264,311 shares in the company, valued at approximately $85,631,784.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,000 shares of company stock worth $6,626,940 in the last three months. Corporate insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $94.40 on Friday. The company’s fifty day moving average is $75.01 and its two-hundred day moving average is $66.01. The firm has a market capitalization of $10.74 billion, a P/E ratio of 18.33 and a beta of 1.01. Mueller Industries, Inc. has a one year low of $37.54 and a one year high of $95.84.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.16. The company had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. Mueller Industries’s revenue for the quarter was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.85%. Mueller Industries’s dividend payout ratio (DPR) is presently 15.53%.

About Mueller Industries

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.