Bank of New York Mellon Corp Acquires 7,756 Shares of Mueller Industries, Inc. (NYSE:MLI)

Bank of New York Mellon Corp grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,176,468 shares of the industrial products company’s stock after buying an additional 7,756 shares during the quarter. Bank of New York Mellon Corp owned 1.04% of Mueller Industries worth $66,988,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Opal Wealth Advisors LLC purchased a new stake in shares of Mueller Industries in the second quarter valued at $30,000. Montag A & Associates Inc. bought a new position in Mueller Industries during the 4th quarter valued at about $34,000. LifeSteps Financial Inc. purchased a new stake in Mueller Industries in the 1st quarter worth about $43,000. CWM LLC lifted its stake in Mueller Industries by 36.9% in the first quarter. CWM LLC now owns 827 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 223 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in shares of Mueller Industries by 100.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the industrial products company’s stock valued at $47,000 after buying an additional 500 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 8,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $67.24, for a total value of $537,920.00. Following the transaction, the director now directly owns 95,914 shares in the company, valued at approximately $6,449,257.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Mueller Industries news, Director John B. Hansen sold 8,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $67.24, for a total value of $537,920.00. Following the completion of the sale, the director now directly owns 95,914 shares in the company, valued at approximately $6,449,257.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the transaction, the chief executive officer now owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. The disclosure for this sale can be found here. Insiders sold 103,000 shares of company stock worth $7,081,770 in the last 90 days. 2.80% of the stock is owned by corporate insiders.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $72.71 on Friday. Mueller Industries, Inc. has a fifty-two week low of $34.96 and a fifty-two week high of $72.82. The company has a market cap of $8.26 billion, a price-to-earnings ratio of 14.57 and a beta of 1.06. The business’s 50 day moving average price is $64.56 and its 200-day moving average price is $57.87.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. The business had revenue of $997.75 million for the quarter. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.10%. Mueller Industries’s payout ratio is 16.03%.

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.