Mueller Industries (NYSE:MLI) Shares Gap Down Following Insider Selling

Shares of Mueller Industries, Inc. (NYSE:MLI) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $91.70, but opened at $89.23. Mueller Industries shares last traded at $86.17, with a volume of 440,796 shares trading hands.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the sale, the director now directly owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Mueller Industries Stock Performance

The firm has a market capitalization of $10.00 billion, a price-to-earnings ratio of 17.07 and a beta of 1.01. The company has a 50 day moving average price of $79.59 and a two-hundred day moving average price of $68.36.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.16. The company had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, December 6th. Mueller Industries’s dividend payout ratio is presently 15.53%.

Institutional Trading of Mueller Industries

Several large investors have recently made changes to their positions in MLI. International Assets Investment Management LLC purchased a new stake in shares of Mueller Industries during the second quarter worth $26,000. Federated Hermes Inc. acquired a new position in Mueller Industries during the second quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries during the 2nd quarter valued at about $30,000. GAMMA Investing LLC grew its stake in Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 146 shares in the last quarter. Finally, Westside Investment Management Inc. acquired a new stake in Mueller Industries in the 3rd quarter valued at about $41,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

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.