Mueller Industries (NYSE:MLI) Trading Down 3.5% on Insider Selling

Mueller Industries, Inc. (NYSE:MLI)’s share price fell 3.5% during 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. 645,585 shares were traded during trading, a decline of 11% from the average session volume of 726,447 shares. The stock had previously closed at $87.90.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction 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 trade represents a 45.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Mueller Industries Price Performance

The stock has a market cap of $9.25 billion, a PE ratio of 15.69 and a beta of 1.01. The company has a 50 day moving average price of $79.82 and a two-hundred day moving average price of $68.59.

Mueller Industries (NYSE:MLI) last issued 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 during the quarter, compared to analyst estimates of $936.00 million. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The business’s revenue for the quarter was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business 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 $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.98%. The ex-dividend date is Friday, December 6th. Mueller Industries’s dividend payout ratio is currently 15.53%.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new stake in shares of Mueller Industries in the second quarter worth $26,000. Federated Hermes Inc. bought a new stake in shares of Mueller Industries during the 2nd quarter valued at about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Mueller Industries during the 2nd quarter valued at about $30,000. GAMMA Investing LLC lifted its stake in shares of Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 146 shares during the period. Finally, Westside Investment Management Inc. purchased a new position in shares of Mueller Industries in the third quarter worth approximately $41,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

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.