Westfield Capital Management Co. LP Has $12.82 Million Position in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Westfield Capital Management Co. LP reduced its stake in Mueller Industries by 4.5%, owning 168,424 shares worth approximately $12.8 million as of the latest quarter.
• Mueller Industries' recent earnings report showed an earnings per share (EPS) of $1.96, beating estimates by $0.34, with 14.1% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.25 per share, translating to an annualized yield of 1.2%, with the ex-dividend date set for September 5th.

Westfield Capital Management Co. LP trimmed its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 4.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,424 shares of the industrial products company's stock after selling 8,025 shares during the quarter. Westfield Capital Management Co. LP owned about 0.15% of Mueller Industries worth $12,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC raised its holdings in Mueller Industries by 103.1% during the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock worth $25,000 after purchasing an additional 168 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Mueller Industries during the first quarter valued at about $34,000. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries during the first quarter valued at about $40,000. Quarry LP purchased a new stake in Mueller Industries during the fourth quarter valued at about $45,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Mueller Industries in the fourth quarter worth about $53,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John B. Hansen sold 3,130 shares of the 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 sale, the director directly owned 93,914 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is owned by insiders.

Mueller Industries Stock Down 0.1%

Shares of NYSE MLI traded down $0.07 on Wednesday, hitting $87.31. The company had a trading volume of 895,907 shares, compared to its average volume of 1,017,725. The firm has a market capitalization of $9.66 billion, a P/E ratio of 13.86 and a beta of 1.02. Mueller Industries, Inc. has a 12-month low of $65.24 and a 12-month high of $96.81. The business has a 50 day moving average of $81.43 and a two-hundred day moving average of $78.76.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%. The company's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

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.