MetLife Investment Management LLC Has $9.59 Million Stake in Mueller Industries, Inc. $MLI

Key Points

• MetLife Investment Management LLC has sold 2,883 shares of Mueller Industries, reducing its stake by 2.2% to a total of 125,955 shares, valued at approximately $9,590,000.
• Mueller Industries reported a 14.1% increase in quarterly revenue year-over-year, achieving $1.14 billion in revenue and exceeding analyst expectations.
• The company declared a quarterly dividend of $0.25 per share, with a payment date set for September 19th, indicating a 1.0% dividend yield.

MetLife Investment Management LLC reduced its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 125,955 shares of the industrial products company's stock after selling 2,883 shares during the period. MetLife Investment Management LLC owned 0.11% of Mueller Industries worth $9,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC lifted its holdings in Mueller Industries by 103.1% during the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 168 shares during the last quarter. Benjamin Edwards Inc. lifted its holdings in Mueller Industries by 5.0% during the 4th quarter. Benjamin Edwards Inc. now owns 3,934 shares of the industrial products company's stock valued at $312,000 after purchasing an additional 187 shares during the last quarter. Hohimer Wealth Management LLC lifted its holdings in Mueller Industries by 4.4% during the 1st quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company's stock valued at $340,000 after purchasing an additional 187 shares during the last quarter. Monument Capital Management lifted its holdings in Mueller Industries by 4.4% during the 1st quarter. Monument Capital Management now owns 4,898 shares of the industrial products company's stock valued at $373,000 after purchasing an additional 206 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in Mueller Industries by 6.1% during the 1st quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock valued at $282,000 after purchasing an additional 213 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

MLI traded down $0.62 during midday trading on Friday, hitting $95.88. The company had a trading volume of 690,057 shares, compared to its average volume of 771,932. The company has a market capitalization of $10.61 billion, a PE ratio of 15.22 and a beta of 1.02. Mueller Industries, Inc. has a twelve month low of $65.24 and a twelve month high of $97.26. The firm's 50-day simple moving average is $87.10 and its 200-day simple moving average is $80.25.

Mueller Industries (NYSE:MLI - Get Free Report) last posted 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. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The business's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a $0.25 dividend. 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 presently 15.87%.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value 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. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.70% of the company's stock.

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.