Envestnet Asset Management Inc. Lowers Position in Mueller Industries, Inc. (NYSE:MLI)

Envestnet Asset Management Inc. trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 45.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 123,936 shares of the industrial products company's stock after selling 102,797 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of Mueller Industries worth $9,836,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. New Age Alpha Advisors LLC purchased a new position in Mueller Industries in the 4th quarter worth approximately $32,000. Westside Investment Management Inc. purchased a new position in shares of Mueller Industries in the third quarter worth $41,000. SBI Securities Co. Ltd. bought a new position in shares of Mueller Industries during the fourth quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Mueller Industries during the fourth quarter valued at $53,000. Finally, City State Bank purchased a new position in Mueller Industries in the 4th quarter worth about $58,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now owns 56,098 shares of the company's stock, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is owned by corporate insiders.

Mueller Industries Stock Up 1.9 %

Shares of NYSE MLI traded up $1.35 during trading on Thursday, reaching $73.60. 159,015 shares of the company traded hands, compared to its average volume of 928,632. The firm has a 50 day simple moving average of $76.93 and a 200-day simple moving average of $79.77. Mueller Industries, Inc. has a 52-week low of $53.53 and a 52-week high of $96.81. The stock has a market capitalization of $8.15 billion, a PE ratio of 13.81 and a beta of 0.96.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.08. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $1 billion. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Friday, March 14th. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio is 18.83%.

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.