Massachusetts Financial Services Co. MA Lowers Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Massachusetts Financial Services Co. MA lowered its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,932 shares of the industrial products company's stock after selling 6,830 shares during the period. Massachusetts Financial Services Co. MA owned about 0.08% of Mueller Industries worth $6,543,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Hohimer Wealth Management LLC grew its position in Mueller Industries by 4.4% during the first quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company's stock valued at $340,000 after buying an additional 187 shares during the period. Edgestream Partners L.P. bought a new position in Mueller Industries during the first quarter valued at about $3,202,000. CWM LLC grew its position in Mueller Industries by 27.8% during the first quarter. CWM LLC now owns 1,177 shares of the industrial products company's stock valued at $90,000 after buying an additional 256 shares during the period. Louisiana State Employees Retirement System grew its position in Mueller Industries by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 31,900 shares of the industrial products company's stock valued at $2,429,000 after buying an additional 300 shares during the period. Finally, BankPlus Trust Department grew its position in Mueller Industries by 22.3% during the first quarter. BankPlus Trust Department now owns 5,531 shares of the industrial products company's stock valued at $421,000 after buying an additional 1,010 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Down 1.5%

Shares of NYSE:MLI opened at $84.52 on Friday. The firm has a market capitalization of $9.35 billion, a PE ratio of 15.40 and a beta of 1.01. Mueller Industries, Inc. has a twelve month low of $62.39 and a twelve month high of $96.81. The company has a 50-day moving average price of $79.15 and a two-hundred day moving average price of $78.18.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.08. Mueller Industries had a net margin of 15.92% and a return on equity of 23.17%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $1 billion.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.00 annualized dividend and a yield of 1.18%. Mueller Industries's payout ratio is presently 18.21%.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 3,130 shares of Mueller Industries stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $78.07, for a total transaction of $244,359.10. Following the completion of the sale, the director directly owned 93,914 shares in the company, valued at $7,331,865.98. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 directly owned 100,082 shares in the company, valued at $7,440,095.88. This trade represents a 9.08% 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 worth $2,198,600 over the last three months. 2.70% of the stock is owned by insiders.

About Mueller Industries

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.

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