JPMorgan Chase & Co. Trims Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

JPMorgan Chase & Co. decreased its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 6.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,099,672 shares of the industrial products company’s stock after selling 73,702 shares during the period. JPMorgan Chase & Co.’s holdings in Mueller Industries were worth $81,486,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new stake in shares of Mueller Industries during the second quarter valued at approximately $26,000. Federated Hermes Inc. purchased a new position in Mueller Industries during the 2nd quarter worth $28,000. GAMMA Investing LLC raised its position in Mueller Industries by 36.0% during the 3rd 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. Westside Investment Management Inc. purchased a new stake in shares of Mueller Industries in the 3rd quarter worth $41,000. Finally, Larson Financial Group LLC grew its position in shares of Mueller Industries by 61.7% during the 2nd quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock worth $55,000 after buying an additional 369 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Wednesday, December 11th.

Insider Buying and Selling at Mueller Industries

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

Mueller Industries Stock Up 0.5 %

Shares of MLI stock opened at $79.73 on Friday. The firm has a market cap of $9.07 billion, a price-to-earnings ratio of 15.48 and a beta of 0.99. Mueller Industries, Inc. has a 52-week low of $44.39 and a 52-week high of $96.81. The company’s 50 day moving average is $83.81 and its 200 day moving average is $72.92.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, beating 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 return on equity of 23.25% and a net margin of 16.39%. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.00%. Mueller Industries’s dividend payout ratio is presently 15.53%.

Mueller Industries 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.