Bank of Montreal Can Trims Position in Mueller Industries, Inc. (NYSE:MLI)

Bank of Montreal Can lowered its position in Mueller Industries, Inc. (NYSE:MLI) by 16.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 98,524 shares of the industrial products company’s stock after selling 20,003 shares during the quarter. Bank of Montreal Can owned about 0.09% of Mueller Industries worth $7,104,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MLI. International Assets Investment Management LLC purchased a new stake in Mueller Industries in the 2nd quarter valued at about $26,000. Federated Hermes Inc. purchased a new stake in shares of Mueller Industries in the 2nd quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Mueller Industries in the 2nd quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 146 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Mueller Industries in the third quarter valued at $64,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Shares of MLI opened at $80.75 on Tuesday. The stock has a market capitalization of $9.18 billion, a PE ratio of 15.68 and a beta of 1.01. The company’s 50-day simple moving average is $80.53 and its 200-day simple moving average is $69.21. Mueller Industries, Inc. has a 1 year low of $41.94 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $936.00 million. The business’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Friday, December 6th. Mueller Industries’s dividend payout ratio is currently 15.53%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction 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 $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the sale, the director now directly owns 94,914 shares in the company, 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. Corporate insiders own 2.80% of the company’s stock.

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.