Mueller Industries, Inc. $MLI Shares Sold by IFP Advisors Inc

Key Points

• IFP Advisors Inc has reduced its stake in Mueller Industries by 27.7%, holding 7,395 shares valued at approximately $594,000 after selling 2,839 shares in the second quarter.
• Mueller Industries recently announced a $0.25 quarterly dividend, yielding about 1.0%, with a payout ratio of 15.87%.
• The company reported a $1.96 EPS for its latest quarter, exceeding estimates by $0.34, with revenues up 14.1% year-over-year.

IFP Advisors Inc trimmed its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 27.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,395 shares of the industrial products company's stock after selling 2,839 shares during the quarter. IFP Advisors Inc's holdings in Mueller Industries were worth $594,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MLI. Nuveen LLC acquired a new stake in shares of Mueller Industries in the 1st quarter valued at $54,072,000. AQR Capital Management LLC raised its stake in Mueller Industries by 329.0% during the 1st quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company's stock worth $43,926,000 after acquiring an additional 451,261 shares in the last quarter. Epoch Investment Partners Inc. raised its stake in Mueller Industries by 222.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 597,704 shares of the industrial products company's stock worth $45,509,000 after acquiring an additional 412,564 shares in the last quarter. TD Asset Management Inc acquired a new stake in Mueller Industries during the 1st quarter worth $18,114,000. Finally, Bessemer Group Inc. raised its stake in Mueller Industries by 78.2% during the 1st quarter. Bessemer Group Inc. now owns 443,281 shares of the industrial products company's stock worth $33,751,000 after acquiring an additional 194,463 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $105.00.

Mueller Industries Stock Performance

NYSE MLI opened at $99.88 on Wednesday. The firm has a market cap of $11.06 billion, a PE ratio of 15.85 and a beta of 1.02. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $102.75. The firm's fifty day moving average is $96.60 and its two-hundred day moving average is $84.49.

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, beating analysts' consensus estimates of $1.62 by $0.34. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. Mueller Industries's quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a $0.25 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. Mueller Industries's payout ratio is currently 15.87%.

Insider Buying and Selling

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.