Mueller Industries, Inc. $MLI Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lessened its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 28.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,986,243 shares of the industrial products company’s stock after selling 794,095 shares during the quarter. Geode Capital Management LLC owned approximately 1.79% of Mueller Industries worth $157,873,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MLI. Advisors Management Group Inc. ADV lifted its stake in Mueller Industries by 51.0% in the 2nd quarter. Advisors Management Group Inc. ADV now owns 51,024 shares of the industrial products company’s stock worth $4,055,000 after purchasing an additional 17,239 shares in the last quarter. Harbour Investments Inc. lifted its position in Mueller Industries by 34.3% during the first quarter. Harbour Investments Inc. now owns 52,953 shares of the industrial products company’s stock worth $4,032,000 after buying an additional 13,520 shares in the last quarter. FORA Capital LLC acquired a new position in Mueller Industries during the first quarter worth $530,000. Janney Montgomery Scott LLC grew its holdings in Mueller Industries by 21.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company’s stock valued at $1,981,000 after buying an additional 4,370 shares in the last quarter. Finally, HB Wealth Management LLC acquired a new stake in shares of Mueller Industries in the 1st quarter worth $299,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

NYSE:MLI opened at $105.71 on Wednesday. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $109.90. The company has a 50 day moving average price of $102.28 and a 200 day moving average price of $90.29. The stock has a market capitalization of $11.73 billion, a P/E ratio of 15.78 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.48 EPS.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio is currently 14.93%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Mueller Industries currently has an average rating of “Buy” and an average price target of $105.00.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the transaction, the director directly owned 91,664 shares in the company, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory L. Christopher sold 158,000 shares of the company’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the transaction, the chief executive officer owned 1,119,241 shares of the company’s stock, valued at approximately $116,759,221.12. The trade was a 12.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 351,000 shares of company stock worth $36,484,670 over the last quarter. 2.70% of the stock is currently owned by insiders.

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.