JPMorgan Chase & Co. Sells 252,713 Shares of Mueller Industries, Inc. $MLI

JPMorgan Chase & Co. cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 24.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 793,316 shares of the industrial products company’s stock after selling 252,713 shares during the quarter. JPMorgan Chase & Co.’s holdings in Mueller Industries were worth $63,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in MLI. Cetera Investment Advisers lifted its position in shares of Mueller Industries by 11.8% during the 1st quarter. Cetera Investment Advisers now owns 17,581 shares of the industrial products company’s stock valued at $1,339,000 after buying an additional 1,849 shares during the last quarter. HB Wealth Management LLC purchased a new stake in Mueller Industries during the first quarter valued at about $299,000. LPL Financial LLC boosted its position in Mueller Industries by 3.6% during the first quarter. LPL Financial LLC now owns 166,836 shares of the industrial products company’s stock worth $12,703,000 after purchasing an additional 5,795 shares during the period. Mackenzie Financial Corp increased its stake in shares of Mueller Industries by 146.0% in the first quarter. Mackenzie Financial Corp now owns 8,852 shares of the industrial products company’s stock worth $674,000 after purchasing an additional 5,254 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of Mueller Industries by 145.1% in the first quarter. Federated Hermes Inc. now owns 28,849 shares of the industrial products company’s stock worth $2,197,000 after purchasing an additional 17,078 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated 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, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $105.00.

Mueller Industries Stock Down 0.4%

MLI stock opened at $109.95 on Friday. The stock has a 50-day simple moving average of $103.78 and a two-hundred day simple moving average of $92.02. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $111.39. The firm has a market capitalization of $12.21 billion, a PE ratio of 16.41 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data 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 the consensus estimate of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. Mueller Industries’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 earnings per share.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, December 5th. Mueller Industries’s payout ratio is 14.93%.

Insider Transactions at Mueller Industries

In other news, CEO Gregory L. Christopher sold 158,000 shares of the company’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total value of $16,482,560.00. Following the transaction, the chief executive officer owned 1,119,241 shares of the company’s stock, valued at approximately $116,759,221.12. This represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction 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 sale, the director owned 91,664 shares in the company, 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. Over the last quarter, insiders have sold 355,234 shares of company stock valued at $36,944,652. 2.70% of the stock is currently owned by company insiders.

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.