First Manhattan CO. LLC. Sells 15,540 Shares of Mueller Industries, Inc. $MLI

Key Points

• First Manhattan CO. LLC. reduced its stake in Mueller Industries, Inc. by 67.4%, leaving them with 7,505 shares valued at approximately $571,000 at the end of the first quarter.
• Institutional investors hold a significant portion of Mueller Industries with 94.50% of the stock currently owned by hedge funds and other institutional investors.
• Mueller Industries announced a quarterly dividend of $0.25 per share, payable on September 19th, representing an annualized yield of 1.1%.

First Manhattan CO. LLC. decreased its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 67.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,505 shares of the industrial products company's stock after selling 15,540 shares during the period. First Manhattan CO. LLC.'s holdings in Mueller Industries were worth $571,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Mueller Industries during the 1st quarter worth approximately $54,072,000. SG Capital Management LLC purchased a new stake in shares of Mueller Industries in the 4th quarter worth about $34,704,000. Epoch Investment Partners Inc. increased its stake in shares of Mueller Industries by 222.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 597,704 shares of the industrial products company's stock valued at $45,509,000 after acquiring an additional 412,564 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Mueller Industries by 202.1% during the 4th quarter. Janus Henderson Group PLC now owns 438,348 shares of the industrial products company's stock valued at $34,801,000 after buying an additional 293,245 shares during the last quarter. Finally, Tidal Investments LLC increased its stake in Mueller Industries by 629.6% during the fourth quarter. Tidal Investments LLC now owns 276,102 shares of the industrial products company's stock valued at $21,911,000 after purchasing an additional 238,261 shares during the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Trading Down 0.3%

NYSE:MLI traded down $0.28 on Monday, hitting $97.26. 714,807 shares of the company's stock traded hands, compared to its average volume of 986,066. The company has a market cap of $10.77 billion, a PE ratio of 15.44 and a beta of 1.04. The firm has a 50-day moving average price of $88.90 and a 200-day moving average price of $80.78. Mueller Industries, Inc. has a 1 year low of $65.24 and a 1 year high of $98.50.

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

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is currently 15.87%.

Insider Buying and Selling

In other news, Director John B. Hansen sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the sale, the director owned 92,664 shares in the company, valued at approximately $8,522,308.08. The trade was a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is owned by company insiders.

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.