First Mercantile Trust Co. decreased its stake in Mueller Industries, Inc. (NYSE:MLI) by 40.1% during the second quarter, Holdings Channel reports. The firm owned 12,988 shares of the industrial products company’s stock after selling 8,692 shares during the period. First Mercantile Trust Co.’s holdings in Mueller Industries were worth $395,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of MLI. Schwab Charles Investment Management Inc. raised its position in Mueller Industries by 8.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 472,216 shares of the industrial products company’s stock valued at $14,379,000 after buying an additional 38,197 shares during the period. Stoneridge Investment Partners LLC bought a new position in Mueller Industries during the second quarter valued at $323,000. Palisade Capital Management LLC NJ raised its position in Mueller Industries by 2.5% in the second quarter. Palisade Capital Management LLC NJ now owns 531,876 shares of the industrial products company’s stock valued at $16,196,000 after buying an additional 12,769 shares during the period. Texas Permanent School Fund raised its position in Mueller Industries by 0.8% in the second quarter. Texas Permanent School Fund now owns 42,056 shares of the industrial products company’s stock valued at $1,281,000 after buying an additional 351 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in Mueller Industries by 4.2% in the second quarter. Great West Life Assurance Co. Can now owns 84,740 shares of the industrial products company’s stock valued at $2,577,000 after buying an additional 3,420 shares during the period. 90.47% of the stock is currently owned by hedge funds and other institutional investors.
Mueller Industries, Inc. (NYSE:MLI) opened at 29.47 on Thursday. The firm’s 50 day moving average price is $30.48 and its 200 day moving average price is $33.25. Mueller Industries, Inc. has a 52-week low of $27.72 and a 52-week high of $43.96. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 16.83 and a beta of 1.37.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Thursday, August 31st. Mueller Industries’s dividend payout ratio is currently 22.86%.
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In other Mueller Industries news, Director John B. Hansen sold 2,000 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $31.05, for a total value of $62,100.00. Following the completion of the sale, the director now directly owns 45,607 shares of the company’s stock, valued at $1,416,097.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.79% of the company’s stock.
Mueller Industries Company Profile
Mueller Industries, Inc is a manufacturer of copper, brass, aluminum and plastic products. The Company operates through three segments: Piping Systems, Industrial Metals and Climate. The Company’s products include copper tube and fittings; line sets; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; plastic fittings and valves; refrigeration valves and fittings; fabricated tubular products, and steel nipples.
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