Mueller Industries (NYSE:MLI) Trading Down 3.5% After Insider Selling

Mueller Industries, Inc. (NYSE:MLI) shares traded down 3.5% on Monday following insider selling activity. The company traded as low as $84.42 and last traded at $84.81. 645,585 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 726,447 shares. The stock had previously closed at $87.90.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the sale, the director now directly owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mueller Industries Price Performance

The business has a 50-day simple moving average of $79.82 and a 200-day simple moving average of $68.59. The firm has a market capitalization of $9.25 billion, a PE ratio of 15.69 and a beta of 1.01.

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

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.20 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.80 annualized dividend and a dividend yield of 0.98%. Mueller Industries’s dividend payout ratio (DPR) is presently 15.53%.

Institutional Trading of Mueller Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $26,000. Federated Hermes Inc. bought a new stake in shares of Mueller Industries during the 2nd quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new position in Mueller Industries during the 2nd quarter valued at $30,000. GAMMA Investing LLC grew its position in Mueller Industries by 36.0% in 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 during the last quarter. Finally, Westside Investment Management Inc. purchased a new stake in Mueller Industries in the third quarter worth $41,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

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.