Heron Bay Capital Management Lowers Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Heron Bay Capital Management cut its holdings in Mueller Industries, Inc. (NYSE:MLI) by 40.0% in the second quarter, Holdings Channel reports. The institutional investor owned 4,299 shares of the industrial products company’s stock after selling 2,871 shares during the quarter. Heron Bay Capital Management’s holdings in Mueller Industries were worth $245,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Mueller Industries by 100.0% during the fourth quarter. Vanguard Group Inc. now owns 12,299,997 shares of the industrial products company’s stock worth $579,945,000 after acquiring an additional 6,150,358 shares during the period. First Trust Advisors LP lifted its stake in Mueller Industries by 94.5% in the 4th 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 boosted its holdings in Mueller Industries by 93.1% in 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. Norges Bank purchased a new stake in Mueller Industries during the 4th quarter worth approximately $59,606,000. Finally, Gabelli Funds LLC raised its holdings in shares of Mueller Industries by 94.2% during the fourth quarter. Gabelli Funds LLC now owns 2,461,800 shares of the industrial products company’s stock valued at $116,074,000 after acquiring an additional 1,193,900 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Price Performance

NYSE MLI opened at $72.56 on Friday. Mueller Industries, Inc. has a 1-year low of $34.96 and a 1-year high of $74.47. The company has a market cap of $8.24 billion, a PE ratio of 14.54 and a beta of 1.03. The stock’s 50 day simple moving average is $68.27 and its 200-day simple moving average is $59.97.

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

Mueller Industries Announces Dividend

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

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 8,000 shares of the 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 completion of the sale, the director now owns 95,914 shares of the company’s stock, valued at $6,449,257.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director John B. Hansen sold 8,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $67.24, for a total value of $537,920.00. Following the completion of the sale, the director now owns 95,914 shares of the company’s stock, valued at $6,449,257.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory L. Christopher sold 45,000 shares of Mueller Industries stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $67.73, for a total transaction of $3,047,850.00. Following the transaction, the chief executive officer now directly owns 1,264,311 shares in the company, valued at $85,631,784.03. The disclosure for this sale can be found here. Insiders have sold a total of 103,000 shares of company stock worth $7,081,770 in the last ninety days. 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.