Empowered Funds LLC Lowers Position in Mueller Industries, Inc. (NYSE:MLI)

Empowered Funds LLC cut its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 9.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,524 shares of the industrial products company's stock after selling 8,268 shares during the period. Empowered Funds LLC owned 0.07% of Mueller Industries worth $6,189,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. CIBC Asset Management Inc bought a new stake in Mueller Industries in the third quarter valued at approximately $243,000. KBC Group NV boosted its holdings in Mueller Industries by 12.9% in the third quarter. KBC Group NV now owns 2,784 shares of the industrial products company's stock valued at $206,000 after acquiring an additional 318 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Mueller Industries in the third quarter valued at approximately $320,000. Barnett & Company Inc. boosted its holdings in Mueller Industries by 181.8% in the third quarter. Barnett & Company Inc. now owns 13,950 shares of the industrial products company's stock valued at $1,034,000 after acquiring an additional 9,000 shares during the last quarter. Finally, Harbour Investments Inc. boosted its holdings in Mueller Industries by 6.0% in the third quarter. Harbour Investments Inc. now owns 59,645 shares of the industrial products company's stock valued at $4,420,000 after acquiring an additional 3,391 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was 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 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the transaction, the chief executive officer now owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. This represents a 3.95 % 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 Stock Performance

Shares of Mueller Industries stock traded down $1.47 on Friday, reaching $88.68. 719,092 shares of the company's stock were exchanged, compared to its average volume of 879,449. The company has a market capitalization of $10.09 billion, a P/E ratio of 17.22 and a beta of 1.01. Mueller Industries, Inc. has a 52 week low of $40.43 and a 52 week high of $96.81. The firm's 50-day moving average is $77.35 and its two-hundred day moving average is $67.28.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.32 by $0.16. The firm had revenue of $997.80 million for 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%. Mueller Industries's revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Friday, December 6th. Mueller Industries's payout ratio is 15.53%.

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.