Mueller Industries, Inc. $MLI Shares Sold by Freedom Investment Management Inc.

Key Points

• Freedom Investment Management Inc. reduced its holdings in Mueller Industries by 27.2%, now owning 12,638 shares with a value of approximately $962,000.
• Mueller Industries reported earnings of $1.96 per share for the last quarter, surpassing analyst expectations, with a revenue of $1.14 billion that showed a year-over-year increase of 14.1%.
• The company recently announced a quarterly dividend of $0.25, resulting in an annualized dividend yield of 1.1% and a payout ratio of 15.87%.

Freedom Investment Management Inc. cut its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 27.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,638 shares of the industrial products company's stock after selling 4,720 shares during the quarter. Freedom Investment Management Inc.'s holdings in Mueller Industries were worth $962,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MLI. Nuveen LLC bought a new position in Mueller Industries during the first quarter worth $54,072,000. Caisse DE Depot ET Placement DU Quebec lifted its stake in Mueller Industries by 169.1% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,058,830 shares of the industrial products company's stock worth $84,029,000 after purchasing an additional 665,413 shares during the last quarter. SG Capital Management LLC bought a new position in Mueller Industries during the fourth quarter worth $34,704,000. Northern Trust Corp lifted its stake in Mueller Industries by 28.3% during the fourth quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company's stock worth $121,867,000 after purchasing an additional 338,902 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Mueller Industries by 202.1% during the fourth quarter. Janus Henderson Group PLC now owns 438,348 shares of the industrial products company's stock worth $34,801,000 after purchasing an additional 293,245 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Price Performance

MLI traded down $0.62 during trading hours on Friday, hitting $95.88. 690,057 shares of the stock were exchanged, compared to its average volume of 771,932. The stock has a 50-day simple moving average of $87.10 and a 200-day simple moving average of $80.25. Mueller Industries, Inc. has a 12 month low of $65.24 and a 12 month high of $97.26. The stock has a market cap of $10.61 billion, a price-to-earnings ratio of 15.22 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.34. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.Mueller Industries's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis 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%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the sale, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.70% of the company's stock.

Mueller Industries Company 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.