Assetmark Inc. Has $7.74 Million Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Assetmark Inc. reduced its holdings in Mueller Industries by 16.9%, selling 20,613 shares during the first quarter, bringing its ownership to 101,663 shares worth approximately $7.74 million.
• Mueller Industries reported earnings of $1.96 per share, surpassing analysts' expectations of $1.62, with a revenue of $1.14 billion, a 14.1% increase year-over-year.
• The company has announced a quarterly dividend of $0.25, translating to an annualized yield of 1.13% and a dividend payout ratio of 15.87%.

Assetmark Inc. decreased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 16.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,663 shares of the industrial products company's stock after selling 20,613 shares during the quarter. Assetmark Inc. owned approximately 0.09% of Mueller Industries worth $7,741,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. First Trust Advisors LP lifted its holdings in shares of Mueller Industries by 5.6% during the fourth quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock worth $493,217,000 after buying an additional 327,479 shares in the last quarter. Invesco Ltd. raised its stake in Mueller Industries by 50.3% in the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after purchasing an additional 933,498 shares in the last quarter. Geode Capital Management LLC raised its stake in Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company's stock valued at $214,763,000 after purchasing an additional 117,327 shares in the last quarter. FMR LLC raised its stake in Mueller Industries by 79.2% in the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock valued at $151,712,000 after purchasing an additional 845,031 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Mueller Industries by 28.3% in the fourth quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company's stock valued at $121,867,000 after purchasing an additional 338,902 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Activity

In other news, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $78.07, for a total transaction of $244,359.10. Following the completion of the sale, the director owned 93,914 shares of the company's stock, valued at $7,331,865.98. This trade represents a 3.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Terry Hermanson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total transaction of $743,400.00. Following the sale, the director directly owned 100,082 shares of the company's stock, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

Mueller Industries Price Performance

MLI stock traded down $1.55 during midday trading on Thursday, reaching $85.95. The company had a trading volume of 238,283 shares, compared to its average volume of 1,025,597. The company has a market capitalization of $9.51 billion, a price-to-earnings ratio of 13.64 and a beta of 1.01. The stock has a 50 day moving average price of $80.52 and a 200-day moving average price of $78.60. Mueller Industries, Inc. has a 1-year low of $62.74 and a 1-year high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. The company's revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Friday, June 6th. Mueller Industries's dividend payout ratio is presently 15.87%.

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.