Gamco Investors INC. ET AL Sells 39,986 Shares of Mueller Industries, Inc. $MLI

Key Points

• Gamco Investors INC. ET AL reduced its holdings in Mueller Industries by 1.5%, owning 2,663,402 shares after selling 39,986 shares in Q1, making Mueller Industries their largest holding.
• Mueller Industries reported $1.96 earnings per share for the last quarter, exceeding analysts' expectations, with revenue up 14.1% year-over-year.
• The company declared a quarterly dividend of $0.25 per share, set to be paid on September 19th, indicating a solid dividend strategy with a yield of 1.1%.

Gamco Investors INC. ET AL decreased its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,663,402 shares of the industrial products company's stock after selling 39,986 shares during the quarter. Mueller Industries comprises approximately 2.2% of Gamco Investors INC. ET AL's investment portfolio, making the stock its biggest position. Gamco Investors INC. ET AL owned about 2.41% of Mueller Industries worth $202,791,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC grew its position in shares of 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 purchasing an additional 168 shares during the last quarter. Brooklyn Investment Group grew its position in shares of Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 278 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Mueller Industries in the first quarter valued at approximately $34,000. Opal Wealth Advisors LLC acquired a new position in shares of Mueller Industries in the first quarter valued at approximately $40,000. Finally, Quarry LP acquired a new stake in Mueller Industries during the fourth quarter worth approximately $45,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Buying and Selling

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 transaction of $91,970.00. Following the transaction, the director owned 92,664 shares in the company, valued at $8,522,308.08. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is currently owned by company insiders.

Mueller Industries Price Performance

Mueller Industries stock traded down $0.62 during mid-day trading on Friday, reaching $95.88. 690,057 shares of the company were exchanged, compared to its average volume of 771,932. The company has a fifty day simple moving average of $87.10 and a 200-day simple moving average of $80.26. Mueller Industries, Inc. has a 12 month low of $65.24 and a 12 month high of $97.26. The firm has a market cap of $10.61 billion, a PE ratio of 15.22 and a beta of 1.02.

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

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 paid a dividend of $0.25 per share. 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 15.87%.

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.