Jennison Associates LLC Decreases Stake in Mueller Industries, Inc. (NYSE:MLI)

Jennison Associates LLC lowered its stake in Mueller Industries, Inc. (NYSE:MLI) by 1.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 23,525 shares of the industrial products company’s stock after selling 421 shares during the period. Jennison Associates LLC’s holdings in Mueller Industries were worth $1,743,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MLI. Quest Partners LLC raised its holdings in Mueller Industries by 107,875.0% during the 3rd quarter. Quest Partners LLC now owns 4,319 shares of the industrial products company’s stock valued at $320,000 after buying an additional 4,315 shares during the last quarter. Archer Investment Corp increased its position in shares of Mueller Industries by 29.4% in the third quarter. Archer Investment Corp now owns 2,200 shares of the industrial products company’s stock valued at $163,000 after acquiring an additional 500 shares during the period. CIBC Asset Management Inc purchased a new position in shares of Mueller Industries in the third quarter valued at about $243,000. KBC Group NV raised its stake in shares of Mueller Industries by 12.9% during the third quarter. KBC Group NV now owns 2,784 shares of the industrial products company’s stock valued at $206,000 after acquiring an additional 318 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Mueller Industries during the third quarter worth about $320,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insiders Place Their Bets

In other news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the transaction, the director now owns 94,914 shares in the company, valued at $7,886,404.26. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now directly owns 17,733 shares in the company, valued at approximately $1,632,145.32. The trade was a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Mueller Industries Price Performance

NYSE MLI opened at $87.90 on Friday. Mueller Industries, Inc. has a 1 year low of $40.43 and a 1 year high of $96.81. The stock has a market capitalization of $10.00 billion, a PE ratio of 17.07 and a beta of 1.01. The business’s 50-day moving average is $79.59 and its 200 day moving average is $68.36.

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

Mueller Industries Dividend Announcement

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