Wedge Capital Management L L P NC Sells 42,775 Shares of Mueller Industries, Inc. (NYSE:MLI)

Wedge Capital Management L L P NC decreased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 23.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,560 shares of the industrial products company's stock after selling 42,775 shares during the quarter. Wedge Capital Management L L P NC owned about 0.12% of Mueller Industries worth $10,837,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Federated Hermes Inc. bought a new stake in shares of Mueller Industries during the 2nd quarter valued at $28,000. GAMMA Investing LLC grew its stake in shares of Mueller Industries by 36.0% during the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock worth $41,000 after purchasing an additional 146 shares during the period. Westside Investment Management Inc. bought a new stake in Mueller Industries in the third quarter valued at about $41,000. City State Bank acquired a new position in Mueller Industries in the fourth quarter valued at about $58,000. Finally, Harbor Capital Advisors Inc. bought a new position in Mueller Industries during the third quarter worth about $64,000. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Mueller Industries

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the transaction, the director now owns 17,733 shares in the company, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of the company'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 sale, the director now owns 94,914 shares in the company, valued at $7,886,404.26. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.80% of the company's stock.

Analyst Ratings Changes

Separately, Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price for the company in a research note on Wednesday, December 11th.

Mueller Industries Stock Performance

MLI stock traded up $0.13 during mid-day trading on Friday, hitting $81.98. 810,906 shares of the company were exchanged, compared to its average volume of 854,798. The firm has a market cap of $9.32 billion, a P/E ratio of 15.92 and a beta of 1.00. Mueller Industries, Inc. has a 1-year low of $45.20 and a 1-year high of $96.81. The firm's 50 day simple moving average is $82.57 and its 200 day simple moving average is $75.03.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.32 by $0.16. The firm had revenue of $997.80 million during the quarter, compared to analyst estimates of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The firm's revenue was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date of this dividend was Friday, December 6th. Mueller Industries's dividend payout ratio is presently 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.