Mueller Industries (NYSE:MLI) Shares Gap Down on Insider Selling

Mueller Industries, Inc. (NYSE:MLI) shares gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $91.70, but opened at $89.23. Mueller Industries shares last traded at $86.17, with a volume of 440,796 shares trading hands.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the sale, the director now owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. The trade was a 45.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mueller Industries Stock Performance

The business has a 50-day moving average of $79.59 and a 200-day moving average of $68.36. The stock has a market capitalization of $10.00 billion, a price-to-earnings ratio of 17.07 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.16. The business had revenue of $997.80 million for 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%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.91%. Mueller Industries’s payout ratio is currently 15.53%.

Institutional Trading of Mueller Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of MLI. International Assets Investment Management LLC acquired a new position in shares of Mueller Industries during the 2nd quarter worth about $26,000. Federated Hermes Inc. acquired a new stake in shares of Mueller Industries during the 2nd quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries during the second quarter worth approximately $30,000. GAMMA Investing LLC boosted its holdings in Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 146 shares in the last quarter. Finally, Westside Investment Management Inc. purchased a new position in Mueller Industries in the third quarter valued at approximately $41,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

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.