Bank of America Corp DE Sells 79,560 Shares of Mueller Industries, Inc. (NYSE:MLI)

Bank of America Corp DE cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 733,001 shares of the industrial products company's stock after selling 79,560 shares during the period. Bank of America Corp DE owned approximately 0.64% of Mueller Industries worth $58,171,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Flagship Harbor Advisors LLC purchased a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $300,000. Merit Financial Group LLC acquired a new stake in Mueller Industries in the 4th quarter worth $287,000. Rhumbline Advisers grew its position in Mueller Industries by 13.7% in the 4th quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock worth $28,895,000 after purchasing an additional 43,893 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Mueller Industries by 3.0% during the 4th quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock worth $1,451,000 after acquiring an additional 537 shares during the period. Finally, Congress Asset Management Co. boosted its position in Mueller Industries by 6.5% in the fourth quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company's stock valued at $16,081,000 after buying an additional 12,450 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Price Performance

Shares of MLI stock traded up $0.30 during trading hours on Friday, reaching $79.35. 555,440 shares of the company were exchanged, compared to its average volume of 932,884. Mueller Industries, Inc. has a fifty-two week low of $53.53 and a fifty-two week high of $96.81. The stock's fifty day moving average is $75.27 and its two-hundred day moving average is $79.71. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 14.94 and a beta of 1.03.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.08. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Friday, June 6th. Mueller Industries's payout ratio is currently 18.21%.

Insider Buying and Selling

In other Mueller Industries news, Director Terry Hermanson sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the transaction, the director now directly owns 100,082 shares in the company, valued at $7,440,095.88. The trade was a 9.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hansen sold 3,130 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the transaction, the director now owns 93,914 shares of the company's stock, valued at $7,331,865.98. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,613 shares of company stock worth $2,198,600. Company insiders own 2.70% 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.