Prudential PLC Sells 12,705 Shares of Mueller Industries, Inc. $MLI

Key Points

• Prudential PLC reduced its stake in Mueller Industries by 35.6% in Q1, selling 12,705 shares, leaving them with 22,982 shares valued at approximately $1.75 million.
• Mueller Industries reported earnings of $1.96 per share for the last quarter, exceeding analysts' estimates, and had a revenue of $1.14 billion, an increase of 14.1% year over year.
• The company has declared a quarterly dividend of $0.25 per share, set to be paid on September 19th, with an annualized yield of 1.1%.

Prudential PLC cut its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 35.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,982 shares of the industrial products company's stock after selling 12,705 shares during the period. Prudential PLC's holdings in Mueller Industries were worth $1,750,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in MLI. Raymond James Financial Inc. bought a new stake in Mueller Industries during the fourth quarter worth $6,855,000. Sterling Capital Management LLC grew its stake in shares of Mueller Industries by 2.3% in the fourth quarter. Sterling Capital Management LLC now owns 10,891 shares of the industrial products company's stock valued at $864,000 after acquiring an additional 240 shares in the last quarter. Townsquare Capital LLC increased its position in Mueller Industries by 178.6% during the fourth quarter. Townsquare Capital LLC now owns 14,335 shares of the industrial products company's stock worth $1,138,000 after acquiring an additional 9,189 shares during the period. Barclays PLC grew its position in Mueller Industries by 32.4% during the fourth quarter. Barclays PLC now owns 261,004 shares of the industrial products company's stock worth $20,713,000 after buying an additional 63,798 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Mueller Industries by 10.0% in the 4th quarter. NewEdge Advisors LLC now owns 13,302 shares of the industrial products company's stock valued at $1,056,000 after buying an additional 1,212 shares during the period. Institutional investors own 94.50% of the company's stock.

Mueller Industries Trading Up 0.7%

NYSE MLI traded up $0.61 during trading on Tuesday, hitting $92.68. 202,290 shares of the company's stock were exchanged, compared to its average volume of 1,010,913. Mueller Industries, Inc. has a fifty-two week low of $65.24 and a fifty-two week high of $96.81. The company has a market cap of $10.26 billion, a PE ratio of 14.72 and a beta of 1.02. The stock's 50 day moving average price is $83.57 and its two-hundred day moving average price is $79.32.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, beating 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 firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries's quarterly revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

Insider Buying and Selling

In other 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 completion of the sale, the director directly owned 92,664 shares of the company's stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.70% of the company's stock.

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.