Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Palisade Capital Management LP

Palisade Capital Management LP cut its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 8.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 708,465 shares of the industrial products company's stock after selling 69,028 shares during the period. Mueller Industries makes up 1.5% of Palisade Capital Management LP's holdings, making the stock its 3rd largest position. Palisade Capital Management LP owned approximately 0.64% of Mueller Industries worth $53,943,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MLI. William Blair Investment Management LLC acquired a new position in shares of Mueller Industries in the fourth quarter valued at about $201,376,000. Norges Bank acquired a new position in shares of Mueller Industries in the fourth quarter valued at about $117,351,000. Invesco Ltd. increased its holdings in shares of Mueller Industries by 50.3% in the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after purchasing an additional 933,498 shares during the period. FMR LLC increased its holdings in shares of Mueller Industries by 79.2% in the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock valued at $151,712,000 after purchasing an additional 845,031 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Mueller Industries by 169.1% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,058,830 shares of the industrial products company's stock valued at $84,029,000 after purchasing an additional 665,413 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 3,130 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the transaction, the director owned 93,914 shares in the company, valued at approximately $7,331,865.98. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Terry Hermanson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total value of $743,400.00. Following the transaction, the director owned 100,082 shares in the company, valued at $7,440,095.88. This represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,613 shares of company stock worth $2,198,600. 2.70% of the stock is owned by corporate insiders.

Mueller Industries Stock Performance

Mueller Industries stock traded up $0.72 during midday trading on Friday, hitting $83.87. 533,525 shares of the company were exchanged, compared to its average volume of 1,039,111. The firm has a market capitalization of $9.28 billion, a PE ratio of 15.28 and a beta of 1.01. Mueller Industries, Inc. has a fifty-two week low of $55.72 and a fifty-two week high of $96.81. The business has a fifty day simple moving average of $77.01 and a two-hundred day simple moving average of $77.84.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.31 by $0.08. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.25 per share. The ex-dividend date was Friday, June 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.19%. Mueller Industries's dividend payout ratio is currently 18.21%.

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.