Pacer Advisors Inc. Sells 2,496,989 Shares of Mueller Industries, Inc. (NYSE:MLI)

Pacer Advisors Inc. reduced its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 99.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,438 shares of the industrial products company's stock after selling 2,496,989 shares during the quarter. Pacer Advisors Inc.'s holdings in Mueller Industries were worth $2,098,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in Mueller Industries by 1.3% during the second quarter. The Manufacturers Life Insurance Company now owns 64,266 shares of the industrial products company's stock worth $3,659,000 after acquiring an additional 798 shares in the last quarter. Creative Planning raised its holdings in shares of Mueller Industries by 6.9% during the second quarter. Creative Planning now owns 29,367 shares of the industrial products company's stock valued at $1,672,000 after purchasing an additional 1,897 shares during the period. Quarry LP grew its stake in shares of Mueller Industries by 525.5% in the 2nd quarter. Quarry LP now owns 1,301 shares of the industrial products company's stock valued at $74,000 after buying an additional 1,093 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Mueller Industries by 138.6% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 10,817 shares of the industrial products company's stock valued at $616,000 after buying an additional 6,284 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in Mueller Industries during the 2nd quarter worth approximately $599,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Performance

MLI traded down $1.66 during midday trading on Tuesday, reaching $76.36. 1,175,030 shares of the company were exchanged, compared to its average volume of 722,233. The company has a market cap of $8.68 billion, a price-to-earnings ratio of 14.83 and a beta of 0.98. Mueller Industries, Inc. has a one year low of $47.46 and a one year high of $96.81. The company's fifty day moving average price is $80.30 and its 200 day moving average price is $76.73.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.09. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.05%. Mueller Industries's dividend payout ratio is currently 15.53%.

Insider Transactions at Mueller Industries

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the completion of the sale, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.80% of the company's stock.

Analyst Upgrades and Downgrades

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

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.