Principal Financial Group Inc. Has $42.67 Million Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Principal Financial Group Inc. cut its position in Mueller Industries, Inc. (NYSE:MLI) by 5.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 575,889 shares of the industrial products company’s stock after selling 31,420 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of Mueller Industries worth $42,673,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. grew its position in shares of Mueller Industries by 6.7% in the third quarter. Franklin Resources Inc. now owns 69,102 shares of the industrial products company’s stock valued at $5,073,000 after purchasing an additional 4,360 shares during the last quarter. World Investment Advisors LLC acquired a new position in shares of Mueller Industries during the 3rd quarter worth about $2,166,000. Sanctuary Advisors LLC boosted its stake in Mueller Industries by 27.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 13,373 shares of the industrial products company’s stock valued at $991,000 after purchasing an additional 2,918 shares during the period. Westside Investment Management Inc. acquired a new stake in Mueller Industries in the 3rd quarter valued at approximately $41,000. Finally, Virtu Financial LLC bought a new position in Mueller Industries in the 3rd quarter worth approximately $278,000. Institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Mueller Industries

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the company’s 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 sale, the director now directly owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John B. Hansen sold 1,000 shares of the firm’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 value of $83,090.00. Following the transaction, the director now owns 94,914 shares of the company’s stock, valued at $7,886,404.26. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Mueller Industries Price Performance

NYSE MLI opened at $80.18 on Monday. The company’s fifty day moving average is $83.08 and its two-hundred day moving average is $71.50. Mueller Industries, Inc. has a 52-week low of $44.39 and a 52-week high of $96.81. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 15.57 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.16. The business had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. Mueller Industries’s revenue for the quarter was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, December 6th. 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.