First Manhattan CO. LLC. Has $571,000 Stock Holdings in 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. cut its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 67.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,505 shares of the industrial products company's stock after selling 15,540 shares during the quarter. First Manhattan CO. LLC.'s holdings in Mueller Industries were worth $571,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MLI. Golden State Wealth Management LLC raised its stake in shares of Mueller Industries by 103.1% in the first 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 during the last quarter. Brooklyn Investment Group raised its holdings in shares of Mueller Industries by 267.3% in the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after buying an additional 278 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Mueller Industries during the 1st quarter worth about $34,000. Opal Wealth Advisors LLC acquired a new position in shares of Mueller Industries during the 1st quarter worth about $40,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Mueller Industries in the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of MLI stock traded down $2.05 during trading hours on Tuesday, reaching $95.24. 189,460 shares of the company's stock were exchanged, compared to its average volume of 982,143. The company has a market cap of $10.54 billion, a P/E ratio of 15.11 and a beta of 1.05. The company's 50 day moving average is $89.26 and its two-hundred day moving average is $80.91. 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 released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. The firm's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Dividend Announcement

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

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the transaction, the director directly owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is owned by company 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.