Palisade Capital Management LP Sells 69,028 Shares of Mueller Industries, Inc. (NYSE:MLI)

Palisade Capital Management LP decreased its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 708,465 shares of the industrial products company's stock after selling 69,028 shares during the period. Mueller Industries comprises 1.5% of Palisade Capital Management LP's portfolio, making the stock its 3rd largest holding. Palisade Capital Management LP owned 0.64% of Mueller Industries worth $53,943,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC boosted its holdings in Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 168 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Mueller Industries during the first quarter worth $40,000. Quarry LP purchased a new position in Mueller Industries in the fourth quarter worth $45,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Mueller Industries in the fourth quarter valued at $47,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Price Performance

Shares of NYSE MLI traded up $0.72 during trading on Thursday, hitting $83.87. 533,525 shares of the company were exchanged, compared to its average volume of 1,036,365. Mueller Industries, Inc. has a 1 year low of $55.72 and a 1 year high of $96.81. The company has a market cap of $9.28 billion, a price-to-earnings ratio of 15.28 and a beta of 1.01. The firm's fifty day moving average price is $76.59 and its 200 day moving average price is $77.85.

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

Mueller Industries Dividend Announcement

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

Insider Activity 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 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. The trade was a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Scott Jay Goldman sold 16,483 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the completion of the sale, the director owned 39,615 shares in the company, valued at $2,910,117.90. This represents a 29.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,613 shares of company stock valued at $2,198,600 in the last ninety days. Corporate insiders own 2.70% of the company's stock.

Mueller Industries Company 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.