Convergence Investment Partners LLC Has $906,000 Holdings in Mueller Industries, Inc. (NYSE:MLI)

Convergence Investment Partners LLC reduced its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 47.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,895 shares of the industrial products company's stock after selling 10,754 shares during the quarter. Convergence Investment Partners LLC's holdings in Mueller Industries were worth $906,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. First Trust Advisors LP raised its position in shares of Mueller Industries by 5.6% during the 4th quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock valued at $493,217,000 after acquiring an additional 327,479 shares in the last quarter. Invesco Ltd. raised its position in shares of Mueller Industries by 50.3% during the 4th quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after acquiring an additional 933,498 shares in the last quarter. Geode Capital Management LLC increased its position in Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company's stock worth $214,763,000 after buying an additional 117,327 shares during the period. FMR LLC increased its position in Mueller Industries by 79.2% in the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock worth $151,712,000 after buying an additional 845,031 shares during the period. Finally, Northern Trust Corp increased its position in Mueller Industries by 28.3% in the fourth quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company's stock worth $121,867,000 after buying an additional 338,902 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Performance

Shares of NYSE:MLI traded up $0.41 on Friday, hitting $88.71. The company's stock had a trading volume of 877,205 shares, compared to its average volume of 1,748,479. Mueller Industries, Inc. has a 12 month low of $62.74 and a 12 month high of $96.81. The company has a market capitalization of $9.82 billion, a price-to-earnings ratio of 14.08 and a beta of 1.01. The stock's 50-day moving average is $79.92 and its two-hundred day moving average is $78.41.

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

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, June 6th. This represents a $1.00 annualized dividend and a yield of 1.13%. Mueller Industries's dividend payout ratio is currently 15.87%.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the completion of the transaction, the director owned 93,914 shares of the company's stock, valued at $7,331,865.98. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Jay Goldman sold 16,483 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $73.46, for a total value of $1,210,841.18. Following the transaction, the director directly owned 39,615 shares of the company's stock, valued at $2,910,117.90. This represents a 29.38% decrease in their position. 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 corporate insiders.

About Mueller Industries

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.