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

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

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the transaction, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mueller Industries Price Performance

The stock’s fifty day simple moving average is $79.59 and its 200-day simple moving average is $68.43. The stock has a market cap of $9.64 billion, a P/E ratio of 17.07 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, topping 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 company had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. Mueller Industries’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 will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, December 6th. Mueller Industries’s payout ratio is currently 15.53%.

Hedge Funds Weigh In On Mueller Industries

Large investors have recently made changes to their positions in the business. BOKF NA increased its stake in shares of Mueller Industries by 72.5% in the first quarter. BOKF NA now owns 7,156 shares of the industrial products company’s stock worth $383,000 after acquiring an additional 3,007 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Mueller Industries by 5.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 92,346 shares of the industrial products company’s stock valued at $4,981,000 after buying an additional 4,477 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Mueller Industries by 24.0% in the first quarter. Janus Henderson Group PLC now owns 110,713 shares of the industrial products company’s stock worth $5,971,000 after buying an additional 21,404 shares during the last quarter. EMC Capital Management grew its position in Mueller Industries by 233.9% in the first quarter. EMC Capital Management now owns 9,469 shares of the industrial products company’s stock worth $511,000 after acquiring an additional 6,633 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Mueller Industries in the first quarter valued at approximately $267,000. Institutional investors 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.