Spectrum Wealth Counsel LLC Lowers Stake in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Spectrum Wealth Counsel LLC decreased its stake in Mueller Industries by 40.7%, selling 25,452 shares and retaining 37,079 shares worth approximately $2.83 million.
• Recent quarterly earnings showed Mueller Industries surpassing estimates, reporting $1.96 earnings per share and $1.14 billion in revenue, a 14.1% year-over-year increase.
• Mueller Industries announced a quarterly dividend of $0.25 per share, reflecting a 1.13% dividend yield with a payout ratio of 15.87%.

Spectrum Wealth Counsel LLC lessened its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 40.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 37,079 shares of the industrial products company's stock after selling 25,452 shares during the quarter. Spectrum Wealth Counsel LLC's holdings in Mueller Industries were worth $2,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MLI. Golden State Wealth Management LLC lifted its stake in Mueller Industries by 103.1% during the 1st 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 in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Mueller Industries during the 4th quarter worth $32,000. Wayfinding Financial LLC bought a new stake in shares of Mueller Industries during the 1st quarter worth $34,000. Opal Wealth Advisors LLC bought a new position in Mueller Industries during the first quarter worth about $40,000. Finally, Quarry LP purchased a new position in shares of Mueller Industries in the fourth quarter worth about $45,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Price Performance

Shares of MLI traded up $0.47 during trading hours on Wednesday, hitting $88.39. The company's stock had a trading volume of 213,449 shares, compared to its average volume of 1,024,036. The business has a 50 day simple moving average of $80.32 and a two-hundred day simple moving average of $78.54. Mueller Industries, Inc. has a 52-week low of $62.74 and a 52-week high of $96.81. 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 data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.34. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. Mueller Industries's revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

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

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 3,130 shares of the firm's 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 approximately $7,331,865.98. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Terry Hermanson sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were 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 of the company's stock, valued at $7,440,095.88. The trade was a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.