Mueller Industries (NYSE:MLI) Shares Down 3.5% Following Insider Selling

Mueller Industries, Inc. (NYSE:MLI)’s stock price fell 3.5% during trading on Monday after an insider sold shares in the company. The company traded as low as $84.42 and last traded at $84.81. 645,585 shares traded hands during trading, a decline of 11% from the average session volume of 726,447 shares. The stock had previously closed at $87.90.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the sale, the director now owns 17,733 shares in the company, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link.

Mueller Industries Price Performance

The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 15.94 and a beta of 1.01. The business’s 50-day simple moving average is $79.82 and its two-hundred day simple moving average is $68.59.

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

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.20 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.97%. Mueller Industries’s dividend payout ratio is currently 15.53%.

Institutional Trading of Mueller Industries

A number of hedge funds have recently added to or reduced their stakes in MLI. LSV Asset Management raised its stake in shares of Mueller Industries by 44.1% during the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock valued at $119,271,000 after acquiring an additional 641,114 shares during the last quarter. Fiera Capital Corp bought a new position in shares of Mueller Industries during the third quarter valued at $35,552,000. Charles Schwab Investment Management Inc. raised its stake in shares of Mueller Industries by 27.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after acquiring an additional 315,490 shares during the last quarter. F M Investments LLC bought a new position in shares of Mueller Industries during the second quarter valued at $14,441,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Mueller Industries by 77.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company’s stock valued at $29,152,000 after acquiring an additional 171,671 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Company Profile

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.