Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 23.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 136,560 shares of the industrial products company’s stock after selling 42,775 shares during the quarter. Wedge Capital Management L L P NC owned 0.12% of Mueller Industries worth $10,837,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Federated Hermes Inc. acquired a new position in shares of Mueller Industries during the 2nd quarter worth $28,000. GAMMA Investing LLC increased its holdings in Mueller Industries by 36.0% during the 3rd 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. Westside Investment Management Inc. acquired a new position in Mueller Industries during the third quarter worth about $41,000. City State Bank purchased a new stake in shares of Mueller Industries in the fourth quarter valued at about $58,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Mueller Industries in the third quarter valued at approximately $64,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were 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 $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total transaction of $83,090.00. Following the sale, the director now directly owns 94,914 shares of the company’s stock, valued at $7,886,404.26. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Mueller Industries Trading Up 0.2 %

Shares of MLI stock opened at $81.98 on Friday. The company has a market capitalization of $9.32 billion, a price-to-earnings ratio of 15.92 and a beta of 1.00. The firm has a 50-day moving average price of $82.57 and a 200 day moving average price of $74.90. Mueller Industries, Inc. has a twelve month low of $45.20 and a twelve month high of $96.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.16. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The business had revenue of $997.80 million during the quarter, compared to analyst estimates of $936.00 million. The business’s quarterly revenue was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Friday, December 6th. Mueller Industries’s dividend payout ratio (DPR) is 15.53%.

Analyst Ratings Changes

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

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.