Jennison Associates LLC Cuts Holdings in Mueller Industries, Inc. (NYSE:MLI)

Jennison Associates LLC decreased its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,103 shares of the industrial products company's stock after selling 6,108 shares during the period. Jennison Associates LLC's holdings in Mueller Industries were worth $1,226,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Golden State Wealth Management LLC lifted its position in 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 valued at $25,000 after buying an additional 168 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Mueller Industries during the 4th quarter worth approximately $32,000. Wayfinding Financial LLC acquired a new stake in Mueller Industries in the 1st quarter valued at approximately $34,000. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries in the first quarter valued at approximately $40,000. Finally, Quarry LP acquired a new position in Mueller Industries during the fourth quarter worth $45,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Terry Hermanson sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total transaction of $743,400.00. Following the transaction, the director owned 100,082 shares of the company's stock, valued at $7,440,095.88. The trade was a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,613 shares of company stock valued at $2,198,600 in the last three months. 2.70% of the stock is currently owned by company insiders.

Mueller Industries Trading Up 2.8%

Mueller Industries stock traded up $2.33 during midday trading on Tuesday, reaching $85.75. 1,265,556 shares of the stock traded hands, compared to its average volume of 1,053,449. The firm has a market cap of $9.49 billion, a PE ratio of 15.19 and a beta of 1.01. The company has a 50-day simple moving average of $79.15 and a two-hundred day simple moving average of $78.17. Mueller Industries, Inc. has a 12-month low of $62.56 and a 12-month high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%. The firm's quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Friday, June 6th. Mueller Industries's payout ratio is currently 18.21%.

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.