PNC Financial Services Group Inc. Trims Holdings in Mueller Industries, Inc. (NYSE:MLI)

PNC Financial Services Group Inc. lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,128 shares of the industrial products company’s stock after selling 358 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Mueller Industries were worth $1,417,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LSV Asset Management grew its position in shares of Mueller Industries by 44.1% during the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock worth $119,271,000 after purchasing an additional 641,114 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Mueller Industries by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 1,176,468 shares of the industrial products company’s stock worth $66,988,000 after buying an additional 7,756 shares in the last quarter. Fiera Capital Corp bought a new position in shares of Mueller Industries during the third quarter worth $35,552,000. Vest Financial LLC grew its stake in Mueller Industries by 18.2% during the second quarter. Vest Financial LLC now owns 414,417 shares of the industrial products company’s stock valued at $23,597,000 after acquiring an additional 63,828 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Mueller Industries by 20.4% in the 3rd quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock valued at $30,056,000 after acquiring an additional 68,633 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Down 1.0 %

NYSE:MLI opened at $81.29 on Wednesday. The business’s 50-day moving average is $79.82 and its 200 day moving average is $68.59. Mueller Industries, Inc. has a 12 month low of $40.52 and a 12 month high of $96.81. The company has a market capitalization of $9.25 billion, a P/E ratio of 15.69 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $936.00 million. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.98%. Mueller Industries’s payout ratio is currently 15.53%.

Insider Transactions at Mueller Industries

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the sale, the director now owns 17,733 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the sale, the director now owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

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.