Chevy Chase Trust Holdings LLC Purchases New Holdings in Mueller Industries, Inc. (NYSE:MLI)

Chevy Chase Trust Holdings LLC purchased a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 54,378 shares of the industrial products company's stock, valued at approximately $4,140,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. New Age Alpha Advisors LLC purchased a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries during the first quarter worth $40,000. Quarry LP purchased a new stake in Mueller Industries during the fourth quarter worth $45,000. SBI Securities Co. Ltd. purchased a new stake in Mueller Industries during the fourth quarter worth $47,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Mueller Industries during the fourth quarter worth $53,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 3,130 shares of the company'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 sale, the director now directly owns 93,914 shares of the company's stock, valued at approximately $7,331,865.98. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Jay Goldman sold 16,483 shares of the company's 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 now directly owns 39,615 shares in the company, valued at approximately $2,910,117.90. The trade was a 29.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,613 shares of company stock valued at $2,198,600 in the last ninety days. Company insiders own 2.70% of the company's stock.

Mueller Industries Stock Performance

Mueller Industries stock traded up $1.02 during mid-day trading on Friday, reaching $80.30. 17,180,916 shares of the company were exchanged, compared to its average volume of 1,036,602. The business has a fifty day moving average of $75.74 and a 200 day moving average of $77.88. The firm has a market cap of $8.88 billion, a P/E ratio of 14.63 and a beta of 1.03. Mueller Industries, Inc. has a 12-month low of $55.20 and a 12-month high of $96.81.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.08. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $1 billion.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Friday, June 6th. Mueller Industries's payout ratio is 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.