Baker Ellis Asset Management LLC Takes $3.26 Million Position in Mueller Industries, Inc. (NYSE:MLI)

Baker Ellis Asset Management LLC bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 42,865 shares of the industrial products company's stock, valued at approximately $3,264,000.

A number of other hedge funds have also modified their holdings of the business. Arizona State Retirement System grew its position in shares of Mueller Industries by 0.5% during the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company's stock worth $2,480,000 after acquiring an additional 170 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Mueller Industries by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock worth $274,000 after purchasing an additional 174 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Mueller Industries by 5.0% during the fourth quarter. Benjamin Edwards Inc. now owns 3,934 shares of the industrial products company's stock worth $312,000 after purchasing an additional 187 shares during the period. Texas Yale Capital Corp. lifted its holdings in shares of Mueller Industries by 6.0% during the fourth quarter. Texas Yale Capital Corp. now owns 3,560 shares of the industrial products company's stock worth $283,000 after purchasing an additional 200 shares during the period. Finally, Nebula Research & Development LLC lifted its holdings in shares of Mueller Industries by 1.4% during the fourth quarter. Nebula Research & Development LLC now owns 15,085 shares of the industrial products company's stock worth $1,197,000 after purchasing an additional 213 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mueller Industries news, Director Terry Hermanson sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total value of $743,400.00. Following the completion of the sale, the director now owns 100,082 shares of the company's stock, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $78.07, for a total value of $244,359.10. Following the completion of the sale, the director now directly owns 93,914 shares of the company's stock, valued at approximately $7,331,865.98. This trade represents a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,613 shares of company stock valued at $2,198,600 over the last three months. 2.70% of the stock is currently owned by company insiders.

Mueller Industries Stock Down 2.9%

Shares of NYSE MLI traded down $2.24 during mid-day trading on Friday, hitting $74.20. 1,406,403 shares of the company were exchanged, compared to its average volume of 952,918. The stock has a 50 day simple moving average of $75.33 and a 200-day simple moving average of $78.12. Mueller Industries, Inc. has a 1-year low of $54.01 and a 1-year high of $96.81. The firm has a market cap of $8.21 billion, a price-to-earnings ratio of 13.97 and a beta of 1.03.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $1 billion.

Mueller Industries Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, June 6th. Mueller Industries's dividend payout ratio is presently 18.21%.

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.