Vanguard Group Inc. Sells 147,991 Shares of Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Vanguard Group Inc. has reduced its stake in Mueller Industries by 1.3%, selling 147,991 shares and now owns approximately 10.44% of the company.
• Mueller Industries reported a higher-than-expected EPS of $1.96 for the recent quarter, surpassing analysts' estimates and achieving revenue of $1.14 billion.
• The company announced a quarterly dividend of $0.25, with an annualized figure of $1.00, representing a dividend yield of 1.1% and a payout ratio of 15.87%.

Vanguard Group Inc. lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,556,861 shares of the industrial products company's stock after selling 147,991 shares during the quarter. Vanguard Group Inc. owned 10.44% of Mueller Industries worth $879,939,000 as of its most recent SEC filing.

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

Mueller Industries Price Performance

Shares of Mueller Industries stock traded down $0.65 on Friday, hitting $91.51. The company had a trading volume of 591,312 shares, compared to its average volume of 966,879. The firm has a market capitalization of $10.13 billion, a P/E ratio of 14.53 and a beta of 1.02. Mueller Industries, Inc. has a twelve month low of $65.24 and a twelve month high of $96.81. The stock has a 50-day moving average of $83.28 and a 200-day moving average of $79.24.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.34. The company had revenue of $1.14 billion during 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%. The company's revenue for the quarter was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's payout ratio is currently 15.87%.

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the business's 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 of the company's stock, valued at $8,522,308.08. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.70% of the stock is currently owned by corporate insiders.

About Mueller Industries

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.