Harvest Fund Management Co. Ltd Trims Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Harvest Fund Management Co. Ltd trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 57.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,058 shares of the industrial products company's stock after selling 6,767 shares during the period. Harvest Fund Management Co. Ltd's holdings in Mueller Industries were worth $385,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GSA Capital Partners LLP bought a new stake in Mueller Industries in the 1st quarter worth approximately $719,000. Federated Hermes Inc. boosted its position in shares of Mueller Industries by 145.1% in the first quarter. Federated Hermes Inc. now owns 28,849 shares of the industrial products company's stock worth $2,197,000 after purchasing an additional 17,078 shares during the period. Picton Mahoney Asset Management increased its stake in Mueller Industries by 1,539.7% in the 1st quarter. Picton Mahoney Asset Management now owns 102,549 shares of the industrial products company's stock worth $7,807,000 after buying an additional 96,295 shares in the last quarter. Mackenzie Financial Corp raised its stake in Mueller Industries by 146.0% during the 1st quarter. Mackenzie Financial Corp now owns 8,852 shares of the industrial products company's stock valued at $674,000 after purchasing an additional 5,254 shares during the period. Finally, Ridgewood Investments LLC purchased a new position in shares of Mueller Industries in the first quarter worth $78,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of Mueller Industries stock traded down $2.01 during trading on Friday, reaching $83.36. 1,050,374 shares of the stock traded hands, compared to its average volume of 963,215. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 13.23 and a beta of 1.02. The business has a fifty day simple moving average of $80.86 and a two-hundred day simple moving average of $78.64. Mueller Industries, Inc. has a 52-week low of $62.74 and a 52-week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 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 firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. The firm's quarterly 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. Investors of record on Friday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio is presently 15.87%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $78.07, for a total value of $244,359.10. Following the completion of the sale, the director owned 93,914 shares in the company, valued at approximately $7,331,865.98. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Terry Hermanson sold 10,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total value of $743,400.00. Following the completion of the transaction, the director directly owned 100,082 shares in the company, valued at $7,440,095.88. This trade represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company's stock.

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.