Mueller Industries, Inc. (NYSE:MLI) Stake Reduced by Moran Wealth Management LLC

Moran Wealth Management LLC lessened its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 62.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,821 shares of the industrial products company's stock after selling 117,060 shares during the quarter. Moran Wealth Management LLC owned approximately 0.06% of Mueller Industries worth $5,468,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MLI. Principal Securities Inc. boosted its holdings in Mueller Industries by 48.2% in the fourth quarter. Principal Securities Inc. now owns 1,135 shares of the industrial products company's stock worth $90,000 after purchasing an additional 369 shares during the period. Sanctuary Advisors LLC boosted its holdings in shares of Mueller Industries by 2.0% during the fourth quarter. Sanctuary Advisors LLC now owns 13,636 shares of the industrial products company's stock valued at $1,092,000 after acquiring an additional 263 shares during the period. Amalgamated Bank boosted its holdings in shares of Mueller Industries by 55.7% during the fourth quarter. Amalgamated Bank now owns 51,893 shares of the industrial products company's stock valued at $4,118,000 after acquiring an additional 18,560 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Mueller Industries during the fourth quarter valued at $1,738,000. Finally, Versor Investments LP boosted its holdings in shares of Mueller Industries by 7.7% during the fourth quarter. Versor Investments LP now owns 9,800 shares of the industrial products company's stock valued at $778,000 after acquiring an additional 700 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE MLI traded up $1.02 during midday trading on Friday, reaching $80.30. 17,180,916 shares of the company traded hands, compared to its average volume of 1,038,735. The company has a market cap of $8.88 billion, a price-to-earnings ratio of 14.63 and a beta of 1.03. The stock has a 50-day moving average price of $75.93 and a 200 day moving average price of $77.88. Mueller Industries, Inc. has a 52 week low of $55.20 and a 52 week high of $96.81.

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

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.25%. The ex-dividend date was Friday, June 6th. Mueller Industries's payout ratio is currently 18.21%.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 3,130 shares of the business'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 sale, the director now directly owns 93,914 shares in the company, valued at approximately $7,331,865.98. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Jay Goldman sold 16,483 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the completion of the sale, the director now owns 39,615 shares in the company, valued at approximately $2,910,117.90. This trade represents a 29.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,613 shares of company stock valued at $2,198,600 over the last 90 days. 2.70% of the stock is currently 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.