Mueller Industries (NYSE:MLI) Shares Gap Down Following Insider Selling

Mueller Industries, Inc. (NYSE:MLI - Get Free Report) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $91.70, but opened at $89.23. Mueller Industries shares last traded at $86.17, with a volume of 440,796 shares changing hands.

Specifically, Director Charles P. Herzog, Jr. sold 15,000 shares of the company's 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 transaction, the director now directly owns 17,733 shares of the company's stock, valued at $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Mueller Industries Stock Performance

The firm has a market cap of $10.00 billion, a PE ratio of 17.07 and a beta of 1.01. The stock has a 50-day simple moving average of $79.59 and a two-hundred day simple moving average of $68.36.

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

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries's dividend payout ratio is 15.53%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MLI. LSV Asset Management increased its holdings in Mueller Industries by 44.1% in the 2nd quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company's stock worth $119,271,000 after acquiring an additional 641,114 shares in the last quarter. Fiera Capital Corp bought a new stake in Mueller Industries during the third quarter valued at about $35,552,000. Charles Schwab Investment Management Inc. lifted its position in shares of Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company's stock valued at $108,907,000 after acquiring an additional 315,490 shares in the last quarter. F M Investments LLC bought a new position in shares of Mueller Industries in the second quarter worth about $14,441,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of Mueller Industries by 77.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company's stock worth $29,152,000 after purchasing an additional 171,671 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

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.