Prudential PLC Trims Stake in 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 lessened its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 35.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MLI. Golden State Wealth Management LLC increased its stake in 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 acquiring an additional 168 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Mueller Industries in the 1st quarter worth about $34,000. Opal Wealth Advisors LLC bought a new position in shares of Mueller Industries during the 1st quarter valued at about $40,000. Quarry LP purchased a new position in shares of Mueller Industries during the 4th quarter valued at about $45,000. Finally, Point72 Hong Kong Ltd bought a new stake in Mueller Industries in the 4th quarter worth approximately $53,000. Institutional investors own 94.50% of the company's stock.

Mueller Industries Trading Up 0.4%

Shares of MLI stock traded up $0.35 during trading hours on Monday, hitting $91.92. 304,140 shares of the company's stock were exchanged, compared to its average volume of 1,012,576. The company has a market capitalization of $10.18 billion, a PE ratio of 14.58 and a beta of 1.02. Mueller Industries, Inc. has a 12-month low of $65.24 and a 12-month high of $96.81. The business's 50 day simple moving average is $83.28 and its 200-day simple moving average is $79.23.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.12 billion. The business's revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued 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 is Friday, September 5th. Mueller Industries's dividend payout ratio is currently 15.87%.

Insider Activity at Mueller Industries

In related 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 sale, the director owned 92,664 shares in the company, valued at $8,522,308.08. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.70% of the stock is currently owned by corporate insiders.

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.