Mueller Industries (NYSE:MLI) Shares Gap Down After Insider Selling

Mueller Industries, Inc. (NYSE:MLI) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $91.70, but opened at $89.23. Mueller Industries shares last traded at $86.17, with a volume of 440,796 shares.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries 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 completion of the transaction, the director now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Mueller Industries Stock Performance

The firm has a market cap of $9.85 billion, a price-to-earnings ratio of 16.73 and a beta of 1.01. The company’s 50-day moving average is $79.24 and its 200-day moving average is $68.09.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results 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 company’s quarterly revenue was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a $0.20 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.92%. Mueller Industries’s payout ratio is 15.53%.

Hedge Funds Weigh In On Mueller Industries

Several large investors have recently bought and sold shares of MLI. Vanguard Group Inc. raised its holdings in Mueller Industries by 0.5% in the first quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock worth $666,524,000 after purchasing an additional 59,060 shares during the period. State Street Corp grew its position in Mueller Industries by 3.2% in the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after purchasing an additional 139,406 shares in the last quarter. LSV Asset Management grew its position in Mueller Industries by 44.1% in the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock valued at $119,271,000 after purchasing an additional 641,114 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after purchasing an additional 315,490 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Mueller Industries by 0.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,176,468 shares of the industrial products company’s stock valued at $66,988,000 after acquiring an additional 7,756 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

About Mueller Industries

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.