JPMorgan Chase & Co. Sells 73,702 Shares of Mueller Industries, Inc. (NYSE:MLI)

JPMorgan Chase & Co. cut its position in Mueller Industries, Inc. (NYSE:MLI) by 6.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,099,672 shares of the industrial products company’s stock after selling 73,702 shares during the period. JPMorgan Chase & Co. owned about 0.97% of Mueller Industries worth $81,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of MLI. GAMMA Investing LLC increased its stake in Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after buying an additional 146 shares in the last quarter. Kapitalo Investimentos Ltda grew its position in shares of Mueller Industries by 3.5% during the third quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company’s stock worth $340,000 after purchasing an additional 156 shares in the last quarter. GM Advisory Group LLC grew its position in shares of Mueller Industries by 5.3% during the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 192 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Mueller Industries by 1.8% in the 2nd quarter. Hsbc Holdings PLC now owns 13,188 shares of the industrial products company’s stock worth $757,000 after purchasing an additional 233 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in Mueller Industries by 4.4% in the 2nd quarter. Xponance Inc. now owns 7,123 shares of the industrial products company’s stock worth $406,000 after purchasing an additional 302 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

Insider Activity at Mueller Industries

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s 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 completion of the sale, the director now directly owns 17,733 shares in the company, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total transaction of $83,090.00. Following the transaction, the director now owns 94,914 shares in the company, valued at $7,886,404.26. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Mueller Industries Stock Up 0.5 %

MLI opened at $79.73 on Friday. The company has a market capitalization of $9.07 billion, a PE ratio of 15.48 and a beta of 0.99. The firm has a 50-day simple moving average of $83.81 and a two-hundred day simple moving average of $72.92. Mueller Industries, Inc. has a 52 week low of $44.39 and a 52 week high of $96.81.

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 business had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Friday, December 6th. Mueller Industries’s dividend payout ratio is 15.53%.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a research report on Wednesday, December 11th.

Mueller Industries 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.