Comerica Bank Sells 8,902 Shares of Mueller Industries, Inc. (NYSE:MLI)

Comerica Bank lowered its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 16.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,155 shares of the industrial products company's stock after selling 8,902 shares during the quarter. Comerica Bank's holdings in Mueller Industries were worth $3,584,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new stake in shares of Mueller Industries in the fourth quarter valued at about $300,000. Merit Financial Group LLC bought a new stake in shares of Mueller Industries in the 4th quarter worth approximately $287,000. Rhumbline Advisers grew its holdings in shares of Mueller Industries by 13.7% during the 4th quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock worth $28,895,000 after purchasing an additional 43,893 shares in the last quarter. US Bancorp DE increased its position in shares of Mueller Industries by 3.0% during the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock valued at $1,451,000 after purchasing an additional 537 shares during the period. Finally, Congress Asset Management Co. raised its stake in shares of Mueller Industries by 6.5% in the fourth quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company's stock valued at $16,081,000 after purchasing an additional 12,450 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Up 0.1 %

Mueller Industries stock traded up $0.04 on Friday, hitting $74.89. The company's stock had a trading volume of 405,005 shares, compared to its average volume of 928,192. Mueller Industries, Inc. has a one year low of $53.53 and a one year high of $96.81. The firm has a market cap of $8.29 billion, a P/E ratio of 14.10 and a beta of 1.03. The company has a fifty day moving average price of $75.48 and a 200-day moving average price of $79.82.

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

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. Mueller Industries's dividend payout ratio (DPR) is 18.21%.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 16,483 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total value of $1,210,841.18. Following the transaction, the director now directly owns 39,615 shares of the company's stock, valued at $2,910,117.90. The trade was a 29.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the director now directly owns 100,082 shares of the company's stock, valued at $7,440,095.88. This represents a 9.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,483 shares of company stock worth $2,752,341 over the last three months. 2.70% of the stock is currently owned by corporate insiders.

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.