Bank of New York Mellon Corp Sells 41,078 Shares of Mueller Industries, Inc. (NYSE:MLI)

Bank of New York Mellon Corp trimmed its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 4.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 947,490 shares of the industrial products company's stock after selling 41,078 shares during the period. Bank of New York Mellon Corp owned approximately 0.86% of Mueller Industries worth $72,142,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC raised its position in shares of Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 168 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $32,000. Wayfinding Financial LLC acquired a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $34,000. Opal Wealth Advisors LLC acquired a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $40,000. Finally, Quarry LP acquired a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $45,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Trading Up 0.7%

Shares of NYSE:MLI traded up $0.63 during mid-day trading on Friday, reaching $86.25. The stock had a trading volume of 965,822 shares, compared to its average volume of 1,045,432. The firm has a market cap of $9.54 billion, a PE ratio of 15.71 and a beta of 1.01. The firm has a 50 day simple moving average of $78.08 and a two-hundred day simple moving average of $78.02. Mueller Industries, Inc. has a twelve month low of $59.70 and a twelve month high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.31 by $0.08. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $1 billion. Mueller Industries had a net margin of 15.92% and a return on equity of 23.17%.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Friday, June 6th. Mueller Industries's dividend payout ratio is 18.21%.

Insider Transactions at Mueller Industries

In other news, Director Scott Jay Goldman sold 16,483 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the completion of the sale, the director owned 39,615 shares of the company's stock, valued at $2,910,117.90. This represents a 29.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Terry Hermanson sold 10,000 shares of the stock in a transaction 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 $7,440,095.88. This represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,613 shares of company stock valued at $2,198,600 over the last quarter. Corporate insiders own 2.70% of the company's stock.

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.