Oppenheimer & Co. Inc. cut its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 38.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,000 shares of the industrial products company’s stock after selling 5,000 shares during the period. Oppenheimer & Co. Inc.’s holdings in Mueller Industries were worth $244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Mueller Industries by 4.6% during the second quarter. Principal Financial Group Inc. now owns 533,151 shares of the industrial products company’s stock valued at $16,234,000 after purchasing an additional 23,528 shares during the period. Neuberger Berman Group LLC raised its position in Mueller Industries by 0.4% during the second quarter. Neuberger Berman Group LLC now owns 1,185,502 shares of the industrial products company’s stock valued at $36,099,000 after purchasing an additional 4,832 shares during the period. Royce & Associates LP raised its position in Mueller Industries by 8.0% during the second quarter. Royce & Associates LP now owns 1,094,534 shares of the industrial products company’s stock valued at $33,329,000 after purchasing an additional 81,256 shares during the period. Marshall Wace North America L.P. purchased a new stake in Mueller Industries during the second quarter valued at approximately $360,000. Finally, BNP Paribas Arbitrage SA raised its position in Mueller Industries by 66.2% during the second quarter. BNP Paribas Arbitrage SA now owns 20,376 shares of the industrial products company’s stock valued at $620,000 after purchasing an additional 8,114 shares during the period. Institutional investors and hedge funds own 91.12% of the company’s stock.
Separately, BidaskClub downgraded Mueller Industries from a “hold” rating to a “sell” rating in a report on Friday, August 18th.
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Shares of Mueller Industries, Inc. (NYSE MLI) opened at 32.66 on Wednesday. Mueller Industries, Inc. has a one year low of $27.72 and a one year high of $43.96. The stock has a market capitalization of $1.88 billion, a P/E ratio of 18.65 and a beta of 1.38. The stock has a 50 day moving average price of $30.04 and a 200 day moving average price of $31.18.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, August 31st. Mueller Industries’s dividend payout ratio is currently 22.86%.
In related news, CFO Jeffrey Andrew Martin sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $32.01, for a total value of $112,035.00. Following the transaction, the chief financial officer now directly owns 111,146 shares in the company, valued at $3,557,783.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hansen sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $31.05, for a total value of $62,100.00. Following the completion of the transaction, the director now owns 45,607 shares in the company, valued at $1,416,097.35. The disclosure for this sale can be found here. Insiders own 2.79% of the company’s stock.
About Mueller Industries
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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