Perpetual Ltd Has $11.29 Million Position in Mueller Industries, Inc. (NYSE:MLI)

Perpetual Ltd cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 21.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 142,287 shares of the industrial products company’s stock after selling 38,687 shares during the quarter. Perpetual Ltd’s holdings in Mueller Industries were worth $11,292,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new position in shares of Mueller Industries during the second quarter valued at $28,000. GAMMA Investing LLC raised its position in Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 146 shares during the last quarter. Westside Investment Management Inc. bought a new position in Mueller Industries during the 3rd quarter worth $41,000. City State Bank acquired a new position in Mueller Industries during the 4th quarter worth about $58,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Mueller Industries in the third quarter valued at about $64,000. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated 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 directly owns 94,914 shares in the company, valued at $7,886,404.26. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now directly owns 17,733 shares of the company’s stock, valued at $1,632,145.32. The trade was a 45.83 % 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 Stock Performance

NYSE:MLI opened at $81.98 on Tuesday. Mueller Industries, Inc. has a 52 week low of $45.20 and a 52 week high of $96.81. The firm’s fifty day moving average is $82.30 and its 200-day moving average is $75.21. The firm has a market cap of $9.32 billion, a P/E ratio of 15.92 and a beta of 1.00.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping 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 revenue was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.98%. Mueller Industries’s payout ratio is currently 15.53%.

Analyst Upgrades and Downgrades

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Wednesday, December 11th.

About Mueller Industries

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.