ProShare Advisors LLC reduced its position in shares of Mueller Industries, Inc. (NYSE:MLI – Free Report) by 8.1% during the first quarter, Holdings Channel reports. The firm owned 8,138 shares of the industrial products company’s stock after selling 720 shares during the period. ProShare Advisors LLC’s holdings in Mueller Industries were worth $598,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in MLI. Shelton Capital Management purchased a new position in Mueller Industries in the first quarter valued at about $250,000. Acadian Asset Management LLC boosted its stake in Mueller Industries by 431.9% in the first quarter. Acadian Asset Management LLC now owns 61,155 shares of the industrial products company’s stock valued at $4,487,000 after acquiring an additional 49,657 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Mueller Industries in the first quarter valued at about $232,000. FMR LLC boosted its stake in Mueller Industries by 10.7% in the first quarter. FMR LLC now owns 578,957 shares of the industrial products company’s stock valued at $42,542,000 after acquiring an additional 55,773 shares during the last quarter. Finally, Natixis Advisors L.P. boosted its stake in Mueller Industries by 17.0% in the first quarter. Natixis Advisors L.P. now owns 13,724 shares of the industrial products company’s stock valued at $1,008,000 after acquiring an additional 1,994 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.
Analyst Ratings Changes
Separately, StockNews.com initiated coverage on shares of Mueller Industries in a research note on Thursday, August 17th. They issued a “hold” rating on the stock.
Insider Transactions at Mueller Industries
In other news, Director John B. Hansen sold 2,500 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $78.33, for a total value of $195,825.00. Following the transaction, the director now owns 59,681 shares of the company’s stock, valued at approximately $4,674,812.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.80% of the company’s stock.
Mueller Industries Stock Down 1.9 %
NYSE MLI opened at $73.28 on Friday. The company’s 50 day moving average is $81.18 and its 200-day moving average is $77.08. The firm has a market cap of $4.16 billion, a P/E ratio of 6.43 and a beta of 1.11. Mueller Industries, Inc. has a 12-month low of $57.10 and a 12-month high of $91.93.
Mueller Industries (NYSE:MLI – Get Free Report) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $3.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.72. The business had revenue of $897.00 million for the quarter, compared to analyst estimates of $1.04 billion. Mueller Industries had a net margin of 17.46% and a return on equity of 33.92%. The business’s revenue for the quarter was down 22.0% 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, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Thursday, August 31st. Mueller Industries’s payout ratio is 10.54%.
Mueller Industries 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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.
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