Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Diametric Capital LP

Diametric Capital LP lowered its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 55.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,281 shares of the industrial products company's stock after selling 4,144 shares during the period. Diametric Capital LP's holdings in Mueller Industries were worth $260,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Cerity Partners LLC raised its holdings in shares of Mueller Industries by 125.1% during the 3rd quarter. Cerity Partners LLC now owns 8,216 shares of the industrial products company's stock valued at $609,000 after buying an additional 4,566 shares during the period. FMR LLC raised its stake in shares of Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company's stock valued at $79,039,000 after purchasing an additional 27,399 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Mueller Industries by 9.1% during the third quarter. BNP Paribas Financial Markets now owns 74,834 shares of the industrial products company's stock worth $5,545,000 after purchasing an additional 6,243 shares in the last quarter. Townsquare Capital LLC acquired a new position in shares of Mueller Industries during the third quarter worth $381,000. Finally, Captrust Financial Advisors purchased a new position in shares of Mueller Industries in the third quarter valued at $215,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

MLI traded down $3.41 on Friday, reaching $70.67. The company's stock had a trading volume of 1,163,961 shares, compared to its average volume of 903,389. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The business's 50 day moving average is $79.31 and its 200 day moving average is $79.93. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of 13.31 and a beta of 0.96.

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Mueller Industries (NYSE:MLI - Get Free Report) last released its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio is 18.83%.

Analyst Ratings Changes

Separately, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective on the stock in a report on Wednesday, December 11th.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the sale, the director now owns 56,098 shares in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.80% of the company's stock.

About Mueller Industries

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.