Bank of Montreal Can Lowers Stake in Mueller Industries, Inc. (NYSE:MLI)

Bank of Montreal Can decreased its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 16.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,524 shares of the industrial products company's stock after selling 20,003 shares during the period. Bank of Montreal Can owned about 0.09% of Mueller Industries worth $7,104,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in shares of Mueller Industries in the second quarter worth $26,000. Federated Hermes Inc. acquired a new position in Mueller Industries during the 2nd quarter worth $28,000. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries during the 2nd quarter worth about $30,000. GAMMA Investing LLC raised its position in 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 purchasing an additional 146 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in shares of Mueller Industries by 61.7% during the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company's stock worth $55,000 after buying an additional 369 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of MLI stock traded down $1.88 during trading hours on Tuesday, reaching $78.87. 960,068 shares of the stock were exchanged, compared to its average volume of 834,498. The business's fifty day moving average is $80.71 and its two-hundred day moving average is $69.37. The firm has a market capitalization of $8.97 billion, a P/E ratio of 15.31 and a beta of 0.99. Mueller Industries, Inc. has a 12-month low of $41.94 and a 12-month high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced 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. The company had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. Mueller Industries's quarterly revenue was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders 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 dividend yield of 1.01%. Mueller Industries's payout ratio is currently 15.53%.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on 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 $7,886,404.26. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction 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 sale, the director now owns 17,733 shares in the company, valued at $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. Corporate insiders own 2.80% of the company's stock.

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.