Wedge Capital Management L L P NC Sells 9,344 Shares of Mueller Industries, Inc. (NYSE:MLI)

Wedge Capital Management L L P NC lowered its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 127,216 shares of the industrial products company's stock after selling 9,344 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.11% of Mueller Industries worth $9,686,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. New Age Alpha Advisors LLC purchased a new stake in shares of Mueller Industries in the 4th quarter worth about $32,000. Quarry LP bought a new position in Mueller Industries in the fourth quarter worth about $45,000. SBI Securities Co. Ltd. purchased a new stake in Mueller Industries in the fourth quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Mueller Industries during the 4th quarter worth approximately $53,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Mueller Industries in the 4th quarter worth approximately $53,000. 94.50% of the stock is currently owned by institutional investors.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 3,130 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $78.07, for a total transaction of $244,359.10. Following the sale, the director now directly owns 93,914 shares of the company's stock, valued at approximately $7,331,865.98. This represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Terry Hermanson sold 10,000 shares of Mueller Industries stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the transaction, the director now directly owns 100,082 shares of the company's stock, valued at $7,440,095.88. This trade represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,613 shares of company stock valued at $2,198,600 in the last ninety days. 2.70% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Performance

Shares of NYSE MLI traded down $1.96 during mid-day trading on Thursday, hitting $76.40. 716,855 shares of the stock traded hands, compared to its average volume of 947,042. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 14.39 and a beta of 1.03. The stock has a fifty day moving average price of $75.07 and a 200-day moving average price of $78.24. Mueller Industries, Inc. has a 52 week low of $54.01 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.08. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $1 billion. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, June 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.31%. Mueller Industries's payout ratio is 18.21%.

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.