Pacer Advisors Inc. Cuts Position in Mueller Industries, Inc. (NYSE:MLI)

Pacer Advisors Inc. lowered its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 99.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,438 shares of the industrial products company’s stock after selling 2,496,989 shares during the quarter. Pacer Advisors Inc.’s holdings in Mueller Industries were worth $2,098,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MLI. The Manufacturers Life Insurance Company raised its stake in shares of Mueller Industries by 1.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,266 shares of the industrial products company’s stock worth $3,659,000 after buying an additional 798 shares during the period. Creative Planning raised its position in Mueller Industries by 6.9% during the second quarter. Creative Planning now owns 29,367 shares of the industrial products company’s stock worth $1,672,000 after acquiring an additional 1,897 shares during the period. Quarry LP lifted its holdings in Mueller Industries by 525.5% during the second quarter. Quarry LP now owns 1,301 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 1,093 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Mueller Industries by 138.6% in the second quarter. B. Riley Wealth Advisors Inc. now owns 10,817 shares of the industrial products company’s stock valued at $616,000 after purchasing an additional 6,284 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Mueller Industries during the second quarter worth about $599,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the transaction, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.80% of the stock is currently owned by company insiders.

Mueller Industries Stock Performance

Shares of MLI opened at $78.78 on Friday. The stock has a 50 day moving average price of $80.48 and a 200 day moving average price of $76.37. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 15.30 and a beta of 1.00. Mueller Industries, Inc. has a one year low of $47.46 and a one year high of $96.81.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, December 6th. Mueller Industries’s dividend payout ratio is currently 15.53%.

Analyst Upgrades and Downgrades

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

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.