Ameritas Investment Partners Inc. Cuts Holdings in Mueller Industries, Inc. $MLI

Ameritas Investment Partners Inc. lowered its holdings in Mueller Industries, Inc. (NYSE:MLI) by 26.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,809 shares of the industrial products company’s stock after selling 12,299 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Mueller Industries were worth $2,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Invesco Ltd. raised its position in Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after buying an additional 10,968 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Mueller Industries by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock valued at $184,890,000 after purchasing an additional 42,599 shares during the last quarter. LSV Asset Management lifted its position in Mueller Industries by 0.9% during the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after purchasing an additional 16,757 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Mueller Industries by 15.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after purchasing an additional 166,012 shares during the last quarter. Finally, Systematic Financial Management LP boosted its holdings in Mueller Industries by 1.0% in the first quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock worth $72,875,000 after purchasing an additional 9,463 shares during the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total transaction of $105,710.00. Following the sale, the director directly owned 91,664 shares in the company, valued at $9,689,801.44. This trade represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at approximately $4,535,176.80. This trade represents a 9.21% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 355,234 shares of company stock worth $36,944,652. Company insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $109.86 on Wednesday. The stock has a market cap of $12.20 billion, a P/E ratio of 16.40 and a beta of 1.04. The stock’s fifty day moving average is $103.14 and its 200 day moving average is $91.44. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $110.33.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.48 EPS.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio is currently 14.93%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries has an average rating of “Buy” and a consensus target price of $105.00.

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.