Mueller Industries, Inc. (NYSE:MLI) Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management has reduced its stake in Mueller Industries by 21.1%, selling 511,198 shares and now holding a total of 1,916,661 shares, valued at approximately $145.9 million.
• Mueller Industries reported $1.96 earnings per share for the last quarter, beating estimates and achieving a 14.1% increase in revenue year-over-year.
• The company has declared a quarterly dividend of $0.25 per share, scheduled for payment on September 19th, representing an annualized yield of 1.2%.

LSV Asset Management lowered its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 21.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,916,661 shares of the industrial products company's stock after selling 511,198 shares during the period. LSV Asset Management owned approximately 1.73% of Mueller Industries worth $145,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its stake in shares of Mueller Industries by 103.1% during the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 168 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Mueller Industries during the fourth quarter valued at approximately $32,000. Wayfinding Financial LLC bought a new stake in shares of Mueller Industries during the first quarter valued at approximately $34,000. Opal Wealth Advisors LLC bought a new stake in shares of Mueller Industries during the first quarter valued at approximately $40,000. Finally, Quarry LP bought a new stake in shares of Mueller Industries during the fourth quarter valued at approximately $45,000. Institutional investors own 94.50% of the company's stock.

Insider Transactions at Mueller Industries

In other news, Director John B. Hansen sold 3,130 shares of Mueller Industries stock in a transaction on Monday, May 12th. The shares were sold at an average price of $78.07, for a total transaction of $244,359.10. Following the completion of the sale, the director directly owned 93,914 shares in the company, valued at approximately $7,331,865.98. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.70% of the company's stock.

Mueller Industries Trading Up 0.9%

Shares of Mueller Industries stock traded up $0.73 on Tuesday, hitting $85.82. 218,430 shares of the company traded hands, compared to its average volume of 1,025,192. The company has a market cap of $9.50 billion, a PE ratio of 13.62 and a beta of 1.02. The stock's 50 day moving average price is $81.04 and its 200-day moving average price is $78.64. Mueller Industries, Inc. has a 52 week low of $65.00 and a 52 week high of $96.81.

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

Mueller Industries Announces Dividend

The company 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 1.2%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's payout ratio is currently 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.