Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC trimmed its position in Mueller Industries, Inc. (NYSE:MLI) by 16.5% in the first quarter, Holdings Channel reports. The firm owned 3,209 shares of the industrial products company’s stock after selling 634 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Mueller Industries were worth $244,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. William Blair Investment Management LLC bought a new position in Mueller Industries during the 4th quarter worth approximately $201,376,000. Norges Bank acquired a new position in Mueller Industries in the fourth quarter worth $117,351,000. Invesco Ltd. boosted its holdings in Mueller Industries by 50.3% in the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company’s stock worth $221,304,000 after purchasing an additional 933,498 shares during the period. FMR LLC increased its stake in Mueller Industries by 79.2% during the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company’s stock valued at $151,712,000 after purchasing an additional 845,031 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Mueller Industries by 169.1% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,058,830 shares of the industrial products company’s stock worth $84,029,000 after purchasing an additional 665,413 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 16,483 shares of Mueller Industries stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the sale, the director now owns 39,615 shares of the company’s stock, valued at approximately $2,910,117.90. The trade was a 29.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 3,130 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $78.07, for a total value of $244,359.10. Following the transaction, the director now owns 93,914 shares of the company’s stock, valued at approximately $7,331,865.98. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,613 shares of company stock valued at $2,198,600 over the last three months. Company insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

NYSE MLI opened at $76.95 on Tuesday. Mueller Industries, Inc. has a one year low of $55.20 and a one year high of $96.81. The company has a 50-day simple moving average of $75.36 and a 200-day simple moving average of $77.88. The firm has a market capitalization of $8.51 billion, a PE ratio of 14.02 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.08. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1 billion. Mueller Industries had a net margin of 15.92% and a return on equity of 23.17%.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, June 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.30%. Mueller Industries’s payout ratio is currently 18.21%.

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.