Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. trimmed its position in Mueller Industries, Inc. (NYSE:MLI) by 3.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,475 shares of the industrial products company’s stock after selling 135 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Mueller Industries were worth $276,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Federated Hermes Inc. acquired a new stake in shares of Mueller Industries in the second quarter worth approximately $28,000. GAMMA Investing LLC boosted its stake in Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 146 shares during the last quarter. Westside Investment Management Inc. purchased a new stake in shares of Mueller Industries during the third quarter worth $41,000. Larson Financial Group LLC raised its position in shares of Mueller Industries by 61.7% in the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after buying an additional 369 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Mueller Industries in the third quarter worth about $64,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction dated 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 completion of the sale, the director now directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of the company’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 transaction of $83,090.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $80.80 on Tuesday. The business’s 50 day moving average price is $83.74 and its 200 day moving average price is $73.53. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 15.69 and a beta of 1.00. Mueller Industries, Inc. has a one year low of $44.39 and a one year high of $96.81.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $936.00 million. The company’s revenue was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.20 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 0.99%. Mueller Industries’s payout ratio is 15.53%.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded shares of 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.

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.