MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 23,747 Shares of Mueller Industries, Inc. $MLI

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. has reduced its stake in Mueller Industries by 2.8%, now holding 821,597 shares valued at approximately $62.56 million.
• Mueller Industries announced a quarterly dividend of $0.25, with the payment date set for September 19, indicating a dividend yield of 1.0%.
• The company's recent earnings report showed a net margin of 17.48% and a revenue of $1.14 billion, exceeding analyst expectations and reflecting a 14.1% year-over-year increase.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 2.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 821,597 shares of the industrial products company's stock after selling 23,747 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.74% of Mueller Industries worth $62,557,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC raised 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 period. Brooklyn Investment Group increased its position in Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock worth $29,000 after acquiring an additional 278 shares during the period. Wayfinding Financial LLC bought a new position in Mueller Industries during the first quarter worth $34,000. Opal Wealth Advisors LLC bought a new position in Mueller Industries during the first quarter worth $40,000. Finally, Point72 Hong Kong Ltd bought a new position in Mueller Industries during the fourth quarter worth $53,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the company'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 sale, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.70% of the company's stock.

Mueller Industries Price Performance

MLI stock traded up $1.09 on Thursday, reaching $98.66. 227,392 shares of the company were exchanged, compared to its average volume of 981,559. The firm has a market capitalization of $10.92 billion, a PE ratio of 15.69 and a beta of 1.05. The stock's fifty day moving average price is $89.81 and its 200 day moving average price is $81.12. Mueller Industries, Inc. has a 12 month low of $66.79 and a 12 month high of $99.13.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. The firm 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%. The business's revenue for the quarter was up 14.1% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's payout ratio is 15.87%.

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.