Skandinaviska Enskilda Banken AB publ Has $18.40 Million Holdings in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Skandinaviska Enskilda Banken AB publ has decreased its stake in Mueller Industries by 29.6%, owning approximately 241,596 shares valued at $18.4 million after selling 101,683 shares in the first quarter.
• Mueller Industries reported a profit of $1.96 per share for the latest quarter, exceeding analyst expectations of $1.62, with a revenue of $1.14 billion, up 14.1% year-over-year.
• The company declared a quarterly dividend of $0.25 per share, which will yield an annualized dividend of $1.00, reflecting a payout ratio of 15.87%.

Skandinaviska Enskilda Banken AB publ cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 29.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 241,596 shares of the industrial products company's stock after selling 101,683 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.22% of Mueller Industries worth $18,395,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. D.A. Davidson & CO. acquired a new stake in Mueller Industries during the 1st quarter worth about $317,000. Fifth Third Bancorp boosted its position in Mueller Industries by 6.1% during the 1st quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock worth $282,000 after acquiring an additional 213 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Mueller Industries during the 1st quarter worth about $303,000. Chevy Chase Trust Holdings LLC purchased a new stake in shares of Mueller Industries during the 1st quarter worth about $4,140,000. Finally, KBC Group NV raised its stake in shares of Mueller Industries by 391.3% during the 1st quarter. KBC Group NV now owns 20,575 shares of the industrial products company's stock worth $1,567,000 after purchasing an additional 16,387 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Up 0.5%

Shares of MLI traded up $0.46 during midday trading on Wednesday, reaching $88.38. 178,108 shares of the stock were exchanged, compared to its average volume of 1,023,828. Mueller Industries, Inc. has a 12-month low of $62.74 and a 12-month high of $96.81. The firm has a 50 day simple moving average of $80.32 and a 200-day simple moving average of $78.54. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 14.03 and a beta of 1.01.

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

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, June 6th. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

Insider Transactions at Mueller Industries

In related news, Director Terry Hermanson sold 10,000 shares of the firm's 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 directly owned 100,082 shares of the company's stock, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $78.07, for a total value of $244,359.10. Following the completion of the transaction, the director directly owned 93,914 shares in the company, valued at $7,331,865.98. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company 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.