Geode Capital Management LLC Trims Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Geode Capital Management LLC cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 13.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,588,261 shares of the industrial products company’s stock after selling 405,544 shares during the period. Geode Capital Management LLC owned about 2.28% of Mueller Industries worth $191,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. LSV Asset Management lifted its holdings in shares of Mueller Industries by 44.1% in the 2nd quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock valued at $119,271,000 after buying an additional 641,114 shares during the period. Fiera Capital Corp acquired a new position in Mueller Industries in the third quarter valued at approximately $35,552,000. Charles Schwab Investment Management Inc. boosted its position in Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after purchasing an additional 315,490 shares in the last quarter. F M Investments LLC acquired a new stake in shares of Mueller Industries during the 2nd quarter worth approximately $14,441,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Mueller Industries by 77.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company’s stock valued at $29,152,000 after purchasing an additional 171,671 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Down 0.6 %

Shares of Mueller Industries stock opened at $82.48 on Monday. The firm has a market cap of $9.38 billion, a PE ratio of 16.02 and a beta of 0.99. Mueller Industries, Inc. has a twelve month low of $44.03 and a twelve month high of $96.81. The business has a 50-day moving average price of $82.18 and a 200 day moving average price of $70.78.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, beating 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 business had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries’s revenue for the quarter was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries’s payout ratio is 15.53%.

Wall Street Analyst Weigh In

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 report on Wednesday, December 11th.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the transaction, the director now directly owns 94,914 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the sale, the director now owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

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.