WBI Investments LLC Sells 57,049 Shares of Mueller Industries, Inc. $MLI

Key Points

• WBI Investments LLC sold 57,049 shares of Mueller Industries, reducing its holdings by 94% to only 3,641 shares, now valued at $277,000.
• Other institutional investors have increased their stakes, with Acadian Asset Management investing $524,000 and Intech Investment Management increasing its holdings by 156.9% during the same period.
• Mueller Industries reported a quarterly earnings per share of $1.96, exceeding analysts' expectations, with a revenue increase of 14.1% year-over-year.

WBI Investments LLC trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 94.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,641 shares of the industrial products company's stock after selling 57,049 shares during the period. WBI Investments LLC's holdings in Mueller Industries were worth $277,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MLI. Acadian Asset Management LLC acquired a new position in shares of Mueller Industries in the first quarter worth about $524,000. Intech Investment Management LLC increased its holdings in shares of Mueller Industries by 156.9% in the 1st quarter. Intech Investment Management LLC now owns 146,322 shares of the industrial products company's stock worth $11,141,000 after acquiring an additional 89,361 shares during the period. SageView Advisory Group LLC increased its position in shares of Mueller Industries by 1.9% during the 1st quarter. SageView Advisory Group LLC now owns 10,043 shares of the industrial products company's stock valued at $765,000 after purchasing an additional 189 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company's stock worth $17,563,000 after acquiring an additional 3,316 shares during the last quarter. Finally, United Services Automobile Association purchased a new position in shares of Mueller Industries in the first quarter worth approximately $580,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Price Performance

MLI traded up $0.65 on Wednesday, reaching $99.48. 173,635 shares of the company traded hands, compared to its average volume of 980,810. The stock's 50 day moving average price is $91.06 and its 200-day moving average price is $81.67. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $99.93. The company has a market cap of $11.01 billion, a price-to-earnings ratio of 15.80 and a beta of 1.05.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its 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. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. The business's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's payout ratio is 15.87%.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.