Mueller Industries (NYSE:MLI) Shares Down 3.5% Following Insider Selling

Mueller Industries, Inc. (NYSE:MLI)’s share price fell 3.5% on Monday after an insider sold shares in the company. The stock traded as low as $84.42 and last traded at $84.81. 645,585 shares traded hands during 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 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 completion of the transaction, the director now directly owns 17,733 shares in the company, valued at $1,632,145.32. This represents a 45.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Mueller Industries Trading Down 6.6 %

The stock’s 50 day moving average price is $79.82 and its 200 day moving average price is $68.59. The company has a market capitalization of $9.34 billion, a price-to-earnings ratio of 15.94 and a beta of 1.01.

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

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders 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 yield of 0.97%. Mueller Industries’s dividend payout ratio is currently 15.53%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MLI. International Assets Investment Management LLC bought a new position in shares of Mueller Industries during the second quarter worth approximately $26,000. Federated Hermes Inc. bought a new position in shares of Mueller Industries during the second quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new position in shares of Mueller Industries during the second quarter worth approximately $30,000. GAMMA Investing LLC boosted its position in shares of Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 146 shares in the last quarter. Finally, Westside Investment Management Inc. acquired a new stake in shares of Mueller Industries during the 3rd quarter worth approximately $41,000. 94.50% of the stock is owned by 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.