Gabelli Funds LLC Decreases Holdings in Mueller Industries, Inc. (NYSE:MLI)

Gabelli Funds LLC cut its stake in Mueller Industries, Inc. (NYSE:MLI) by 9.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,004,000 shares of the industrial products company’s stock after selling 197,700 shares during the quarter. Mueller Industries makes up approximately 0.9% of Gabelli Funds LLC’s portfolio, making the stock its 18th largest holding. Gabelli Funds LLC owned approximately 1.76% of Mueller Industries worth $114,108,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in Mueller Industries in the 2nd quarter valued at $26,000. Federated Hermes Inc. purchased a new position in Mueller Industries in the 2nd quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new position in Mueller Industries during the second quarter worth approximately $30,000. LifeSteps Financial Inc. acquired a new position in Mueller Industries during the first quarter worth $43,000. Finally, CWM LLC grew its holdings in Mueller Industries by 36.9% in the 1st quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after buying an additional 223 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 8,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $67.24, for a total value of $537,920.00. Following the transaction, the director now owns 95,914 shares of the company’s stock, valued at $6,449,257.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director John B. Hansen sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $67.24, for a total value of $537,920.00. Following the sale, the director now directly owns 95,914 shares of the company’s stock, valued at approximately $6,449,257.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the transaction, the chief executive officer now owns 1,214,311 shares in the company, valued at $84,904,625.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,000 shares of company stock valued at $7,081,770. 2.80% of the stock is currently owned by insiders.

Mueller Industries Trading Down 1.5 %

Shares of MLI stock opened at $72.56 on Friday. Mueller Industries, Inc. has a twelve month low of $34.96 and a twelve month high of $74.47. The company’s 50-day moving average price is $68.27 and its 200-day moving average price is $59.97. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of 14.54 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. Mueller Industries had a net margin of 16.19% and a return on equity of 22.86%. The business had revenue of $997.75 million during the quarter.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, September 6th. Mueller Industries’s dividend payout ratio is presently 16.03%.

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.