Corebridge Financial Inc. Has $13.68 Million Position in Mueller Industries, Inc. $MLI

Key Points

• Corebridge Financial Inc. reduced its holdings in Mueller Industries, Inc. by 2.1% in Q1, now owning approximately 0.16% of the company valued at $13.7 million.
• Mueller Industries' stock is currently at $95.97 with a market cap of $10.62 billion and reported a quarterly earnings EPS of $1.96, beating estimates.
• The company declared a quarterly dividend of $0.25 per share, reflecting a 1.0% dividend yield, with the payout on September 19th for stockholders of record.

Corebridge Financial Inc. trimmed its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 179,609 shares of the industrial products company's stock after selling 3,856 shares during the quarter. Corebridge Financial Inc. owned approximately 0.16% of Mueller Industries worth $13,675,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. D.A. Davidson & CO. acquired a new stake in shares of Mueller Industries in the first quarter valued at approximately $317,000. Fifth Third Bancorp lifted its position in shares of Mueller Industries by 6.1% in the first quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock valued at $282,000 after buying an additional 213 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Mueller Industries in the first quarter valued at approximately $303,000. Chevy Chase Trust Holdings LLC acquired a new stake in shares of Mueller Industries in the first quarter valued at approximately $4,140,000. Finally, KBC Group NV lifted its position in shares of Mueller Industries by 391.3% in the first quarter. KBC Group NV now owns 20,575 shares of the industrial products company's stock valued at $1,567,000 after buying an additional 16,387 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Down 0.6%

Shares of MLI traded down $0.62 during mid-day trading on Monday, reaching $95.88. The company's stock had a trading volume of 690,057 shares, compared to its average volume of 753,917. Mueller Industries, Inc. has a 1-year low of $65.24 and a 1-year high of $97.26. The stock has a market cap of $10.61 billion, a P/E ratio of 15.22 and a beta of 1.04. The business has a 50-day simple moving average of $87.10 and a two-hundred day simple moving average of $80.25.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (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 company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

Insider Activity

In other news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the sale, the director directly owned 92,664 shares of the company's stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.70% of the stock is currently owned by insiders.

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.