Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 3.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,475 shares of the industrial products company’s stock after selling 135 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Mueller Industries were worth $276,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 146 shares in the last quarter. Kapitalo Investimentos Ltda raised its position in Mueller Industries by 3.5% in the 3rd quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company’s stock valued at $340,000 after purchasing an additional 156 shares in the last quarter. GM Advisory Group LLC boosted its stake in shares of Mueller Industries by 5.3% in the 3rd quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock valued at $281,000 after buying an additional 192 shares during the period. Hsbc Holdings PLC increased its stake in shares of Mueller Industries by 1.8% during the second quarter. Hsbc Holdings PLC now owns 13,188 shares of the industrial products company’s stock worth $757,000 after buying an additional 233 shares during the period. Finally, Xponance Inc. lifted its stake in Mueller Industries by 4.4% in the second quarter. Xponance Inc. now owns 7,123 shares of the industrial products company’s stock worth $406,000 after acquiring an additional 302 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the sale, the director now directly owns 94,914 shares of the company’s stock, valued at $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $80.80 on Tuesday. The business has a 50-day moving average of $83.74 and a two-hundred day moving average of $73.53. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 15.69 and a beta of 1.00. Mueller Industries, Inc. has a 1 year low of $44.39 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.16. The firm had revenue of $997.80 million during the quarter, compared to analysts’ expectations 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 was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Friday, December 6th. Mueller Industries’s dividend payout ratio (DPR) is 15.53%.

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.