Mueller Industries, Inc. (NYSE:MLI) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC decreased its holdings in Mueller Industries, Inc. (NYSE:MLI) by 15.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,033 shares of the industrial products company’s stock after selling 3,584 shares during the quarter. HighTower Advisors LLC’s holdings in Mueller Industries were worth $1,484,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MLI. International Assets Investment Management LLC bought a new stake in shares of Mueller Industries during the 2nd quarter worth $26,000. Federated Hermes Inc. purchased a new stake in shares of Mueller Industries during the second quarter valued at $28,000. 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 purchasing an additional 146 shares in the last quarter. Larson Financial Group LLC increased its stake in Mueller Industries by 61.7% in the 2nd quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 369 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new stake in Mueller Industries during the 3rd quarter worth about $64,000. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

NYSE MLI opened at $82.48 on Monday. The firm’s 50 day moving average price is $82.18 and its two-hundred day moving average price is $70.78. The stock has a market cap of $9.38 billion, a price-to-earnings ratio of 16.02 and a beta of 0.99. Mueller Industries, Inc. has a twelve month low of $44.03 and a twelve month high of $96.81.

Mueller Industries (NYSE:MLI) last posted 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. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The firm had revenue of $997.80 million for the quarter, compared to analyst estimates of $936.00 million. The firm’s revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries’s dividend payout ratio is currently 15.53%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Mueller Industries

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

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.