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

Shares of Mueller Industries, Inc. (NYSE:MLI) gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $91.70, but opened at $89.23. Mueller Industries shares last traded at $86.17, with a volume of 440,796 shares trading hands.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Mueller Industries Stock Down 5.6 %

The firm’s 50-day moving average is $79.24 and its two-hundred day moving average is $68.09. The stock has a market cap of $9.85 billion, a P/E ratio of 16.73 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS 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 company had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. The business’s revenue for the quarter was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 annualized dividend and a dividend yield of 0.92%. Mueller Industries’s payout ratio is 15.53%.

Institutional Investors Weigh In On Mueller Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in Mueller Industries by 36.0% during the third 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. Miller Howard Investments Inc. NY boosted its stake in Mueller Industries by 2.1% during the second quarter. Miller Howard Investments Inc. NY now owns 7,188 shares of the industrial products company’s stock worth $409,000 after buying an additional 151 shares in the last quarter. Kapitalo Investimentos Ltda boosted its stake in 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 buying an additional 156 shares in the last quarter. GM Advisory Group LLC lifted its holdings 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 valued at $281,000 after acquiring an additional 192 shares during the period. Finally, Summit Global Investments lifted its holdings in shares of Mueller Industries by 1.6% during the second quarter. Summit Global Investments now owns 12,844 shares of the industrial products company’s stock valued at $731,000 after acquiring an additional 204 shares during the period. Institutional investors and hedge funds own 94.50% 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.