ProShare Advisors LLC Sells 5,344 Shares of Mueller Industries, Inc. (NYSE:MLI)

ProShare Advisors LLC reduced its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 23.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,295 shares of the industrial products company’s stock after selling 5,344 shares during the period. ProShare Advisors LLC’s holdings in Mueller Industries were worth $985,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new position in shares of Mueller Industries during the second quarter valued at $26,000. Federated Hermes Inc. acquired a new position in shares of Mueller Industries during the 2nd quarter worth about $28,000. Opal Wealth Advisors LLC bought a new stake in Mueller Industries in the second quarter valued at approximately $30,000. LifeSteps Financial Inc. bought a new position in Mueller Industries during the first quarter worth about $43,000. Finally, CWM LLC raised its holdings in Mueller Industries by 36.9% during the 1st quarter. CWM LLC now owns 827 shares of the industrial products company’s stock worth $45,000 after buying an additional 223 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Up 0.7 %

MLI stock opened at $72.10 on Friday. The business has a 50 day moving average price of $69.09 and a two-hundred day moving average price of $60.67. Mueller Industries, Inc. has a twelve month low of $34.96 and a twelve month high of $74.47. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 14.45 and a beta of 1.03.

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

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.20 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.11%. Mueller Industries’s dividend payout ratio (DPR) is currently 16.03%.

Insider Buying and Selling at Mueller Industries

In related news, Director John B. Hansen sold 8,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $67.24, for a total transaction of $537,920.00. Following the completion of the transaction, the director now directly owns 95,914 shares of the company’s stock, valued at approximately $6,449,257.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Mueller Industries news, Director John B. Hansen sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $67.24, for a total value of $537,920.00. Following the transaction, the director now directly owns 95,914 shares of the company’s stock, valued at $6,449,257.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 1,214,311 shares in the company, valued at $84,904,625.12. The disclosure for this sale can be found here. Insiders have sold 103,000 shares of company stock worth $7,081,770 over the last quarter. Corporate insiders own 2.80% 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.