Freedom Investment Management Inc. Sells 2,310 Shares of Mueller Industries, Inc. (NYSE:MLI)

Freedom Investment Management Inc. cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 11.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,410 shares of the industrial products company’s stock after selling 2,310 shares during the period. Freedom Investment Management Inc.’s holdings in Mueller Industries were worth $1,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new position in shares of Mueller Industries in the 2nd quarter valued at $26,000. Federated Hermes Inc. bought a new position in shares of Mueller Industries in the 2nd quarter valued at $28,000. Opal Wealth Advisors LLC bought a new position in shares of Mueller Industries in the 2nd quarter valued at $30,000. GAMMA Investing LLC lifted its stake in shares of Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 146 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of Mueller Industries by 61.7% in the 2nd quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 369 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Performance

Shares of MLI opened at $80.84 on Thursday. Mueller Industries, Inc. has a 52 week low of $40.52 and a 52 week high of $96.81. The stock has a market capitalization of $9.19 billion, a price-to-earnings ratio of 15.70 and a beta of 1.01. The stock has a fifty day moving average of $80.03 and a 200-day moving average of $68.75.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results 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. The company had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The firm’s revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.20 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.99%. Mueller Industries’s payout ratio is 15.53%.

Insider Activity 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 firm’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 owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.

Mueller Industries 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.