Empowered Funds LLC Sells 3,494 Shares of Mueller Industries, Inc. $MLI

Empowered Funds LLC reduced its holdings in Mueller Industries, Inc. (NYSE:MLI) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 73,757 shares of the industrial products company’s stock after selling 3,494 shares during the quarter. Empowered Funds LLC’s holdings in Mueller Industries were worth $5,861,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MLI. Brooklyn Investment Group lifted its position in shares of Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 278 shares during the last quarter. Rise Advisors LLC bought a new position in Mueller Industries in the 1st quarter worth approximately $30,000. Maseco LLP acquired a new position in shares of Mueller Industries during the second quarter worth approximately $40,000. Dagco Inc. bought a new stake in shares of Mueller Industries in the first quarter valued at approximately $77,000. Finally, Ridgewood Investments LLC acquired a new stake in shares of Mueller Industries in the first quarter worth $78,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Down 2.2%

Shares of MLI stock opened at $104.48 on Friday. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $109.90. The company has a market capitalization of $11.60 billion, a P/E ratio of 15.59 and a beta of 1.04. The stock has a 50 day moving average of $102.58 and a two-hundred day moving average of $90.51.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 earnings per share.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.

Analyst Ratings Changes

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

Insider Transactions at Mueller Industries

In other news, CEO Gregory L. Christopher sold 158,000 shares of Mueller Industries stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the sale, the chief executive officer directly owned 1,119,241 shares in the company, valued at approximately $116,759,221.12. The trade was a 12.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the transaction, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. This trade represents a 1.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 351,000 shares of company stock valued at $36,484,670 over the last ninety days. 2.70% of the stock is 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.