Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC decreased its position in Mueller Industries, Inc. (NYSE:MLI) by 9.0% during the 2nd quarter, Holdings Channel reports. The fund owned 2,004,000 shares of the industrial products company’s stock after selling 197,700 shares during the quarter. Mueller Industries makes up 0.9% of Gabelli Funds LLC’s portfolio, making the stock its 18th biggest holding. Gabelli Funds LLC’s holdings in Mueller Industries were worth $114,108,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Mueller Industries by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock valued at $666,524,000 after purchasing an additional 59,060 shares in the last quarter. First Trust Advisors LP raised its stake in Mueller Industries by 94.5% in the fourth quarter. First Trust Advisors LP now owns 5,618,664 shares of the industrial products company’s stock valued at $264,920,000 after buying an additional 2,729,382 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in Mueller Industries by 93.1% during the 4th quarter. Gamco Investors INC. ET AL now owns 3,849,329 shares of the industrial products company’s stock worth $181,496,000 after buying an additional 1,855,637 shares during the last quarter. LSV Asset Management boosted its position in shares of Mueller Industries by 44.1% during the 2nd quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock worth $119,271,000 after acquiring an additional 641,114 shares in the last quarter. Finally, Gates Capital Management Inc. increased its holdings in shares of Mueller Industries by 58.4% in the 4th quarter. Gates Capital Management Inc. now owns 1,896,207 shares of the industrial products company’s stock valued at $89,406,000 after acquiring an additional 699,463 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity

In related news, Director John B. Hansen sold 8,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $67.24, for a total value of $537,920.00. Following the transaction, the director now owns 95,914 shares in the company, valued at approximately $6,449,257.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John B. Hansen sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $67.24, for a total value of $537,920.00. Following the transaction, the director now owns 95,914 shares of the company’s stock, valued at $6,449,257.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total value of $3,496,000.00. Following the sale, the chief executive officer now owns 1,214,311 shares of the company’s stock, valued at approximately $84,904,625.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,000 shares of company stock valued at $7,081,770. Insiders own 2.80% of the company’s stock.

Mueller Industries Stock Down 1.5 %

MLI stock opened at $72.56 on Friday. The business has a 50 day moving average price of $68.27 and a 200 day moving average price of $59.97. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of 14.54 and a beta of 1.03. Mueller Industries, Inc. has a fifty-two week low of $34.96 and a fifty-two week high of $74.47.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.12. Mueller Industries had a net margin of 16.19% and a return on equity of 22.86%. The firm had revenue of $997.75 million during the quarter.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.10%. Mueller Industries’s dividend payout ratio is presently 16.03%.

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.