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

Mueller Industries, Inc. (NYSE:MLI) gapped down before the market opened on Friday following insider selling activity. 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.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction 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 transaction, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Mueller Industries Trading Down 4.2 %

The firm has a market cap of $9.99 billion, a P/E ratio of 17.05 and a beta of 1.01. The business has a 50-day moving average of $79.59 and a two-hundred day moving average of $68.29.

Mueller Industries (NYSE:MLI) last issued 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 business 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 quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

Institutional Investors Weigh In On Mueller Industries

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Mueller Industries by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock valued at $666,524,000 after buying an additional 59,060 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Mueller Industries by 20.4% in the 3rd quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock valued at $30,056,000 after buying an additional 68,633 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Mueller Industries by 1,322.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,436 shares of the industrial products company’s stock valued at $625,000 after buying an additional 7,843 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Mueller Industries by 314.6% in the 2nd quarter. SG Americas Securities LLC now owns 38,041 shares of the industrial products company’s stock valued at $2,166,000 after buying an additional 28,865 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Mueller Industries by 24.0% in the 1st quarter. Janus Henderson Group PLC now owns 110,713 shares of the industrial products company’s stock valued at $5,971,000 after buying an additional 21,404 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.

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.