Geode Capital Management LLC Reduces Holdings in Mueller Industries, Inc. $MLI

Geode Capital Management LLC reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 28.6% during the 2nd quarter, Holdings Channel reports. The fund owned 1,986,243 shares of the industrial products company’s stock after selling 794,095 shares during the period. Geode Capital Management LLC’s holdings in Mueller Industries were worth $157,873,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Advisors Management Group Inc. ADV boosted its holdings in shares of Mueller Industries by 51.0% during the second quarter. Advisors Management Group Inc. ADV now owns 51,024 shares of the industrial products company’s stock worth $4,055,000 after purchasing an additional 17,239 shares during the last quarter. Harbour Investments Inc. raised its holdings in Mueller Industries by 34.3% in the first quarter. Harbour Investments Inc. now owns 52,953 shares of the industrial products company’s stock valued at $4,032,000 after buying an additional 13,520 shares during the period. FORA Capital LLC acquired a new position in shares of Mueller Industries during the 1st quarter valued at $530,000. Janney Montgomery Scott LLC boosted its position in shares of Mueller Industries by 21.3% in the second quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company’s stock worth $1,981,000 after buying an additional 4,370 shares during the period. Finally, HB Wealth Management LLC purchased a new position in Mueller Industries in the 1st quarter worth approximately $299,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Trading Up 0.9%

Shares of NYSE:MLI opened at $105.71 on Wednesday. The firm has a market cap of $11.73 billion, a PE ratio of 15.78 and a beta of 1.04. The company has a fifty day simple moving average of $102.28 and a 200 day simple moving average of $90.29. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $109.90.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share 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 analyst estimates of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.Mueller Industries’s revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.48 earnings per share.

Mueller Industries Announces Dividend

The company also recently disclosed 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 payout ratio is currently 14.93%.

Insider Activity at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the transaction, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This trade represents a 4.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the transaction, the director owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 351,000 shares of company stock worth $36,484,670 in the last 90 days. 2.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

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.