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

Bank of New York Mellon Corp trimmed its holdings 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 quarter. Bank of New York Mellon Corp owned about 0.86% of Mueller Industries worth $72,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC increased its holdings in Mueller Industries by 103.1% during the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock worth $25,000 after purchasing an additional 168 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in Mueller Industries during the 4th quarter worth approximately $32,000. Wayfinding Financial LLC bought a new stake in Mueller Industries during the 1st quarter worth approximately $34,000. Opal Wealth Advisors LLC bought a new position in shares of Mueller Industries in the first quarter valued at approximately $40,000. Finally, Quarry LP bought a new position in shares of Mueller Industries in the fourth quarter valued at approximately $45,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 16,483 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the sale, the director owned 39,615 shares in the company, valued at $2,910,117.90. This represents a 29.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 completion of the transaction, the director directly owned 93,914 shares in the company, valued at approximately $7,331,865.98. The trade was a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,613 shares of company stock worth $2,198,600 over the last 90 days. Corporate insiders own 2.70% of the company's stock.

Mueller Industries Trading Down 1.5%

Shares of MLI stock traded down $1.31 during trading on Tuesday, hitting $84.56. The company's stock had a trading volume of 460,461 shares, compared to its average volume of 1,045,711. The company has a market cap of $9.36 billion, a PE ratio of 15.40 and a beta of 1.01. The business has a fifty day moving average of $78.08 and a 200-day moving average of $77.98. Mueller Industries, Inc. has a 52 week low of $60.35 and a 52 week high of $96.81.

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

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.25 per share. The ex-dividend date was Friday, June 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.18%. Mueller Industries's dividend payout ratio is currently 18.21%.

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.