Principal Financial Group Inc. Sells 31,420 Shares of Mueller Industries, Inc. (NYSE:MLI)

Principal Financial Group Inc. lessened its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 5.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 575,889 shares of the industrial products company's stock after selling 31,420 shares during the period. Principal Financial Group Inc. owned 0.51% of Mueller Industries worth $42,673,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in shares of Mueller Industries during the second quarter valued at about $26,000. Federated Hermes Inc. bought a new stake in Mueller Industries in the second quarter worth about $28,000. Opal Wealth Advisors LLC bought a new stake in Mueller Industries in the second quarter worth about $30,000. GAMMA Investing LLC raised its position in shares of Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 146 shares during the period. Finally, Larson Financial Group LLC raised its position in shares of Mueller Industries by 61.7% in the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company's stock valued at $55,000 after purchasing an additional 369 shares during the period. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Up 1.0 %

NYSE:MLI traded up $0.94 during mid-day trading on Monday, hitting $95.34. 691,766 shares of the stock traded hands, compared to its average volume of 720,352. The business's 50-day moving average price is $75.46 and its 200 day moving average price is $66.32. The company has a market cap of $10.84 billion, a PE ratio of 18.51 and a beta of 1.01. Mueller Industries, Inc. has a 12-month low of $37.93 and a 12-month high of $96.81.

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

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.84%. Mueller Industries's dividend payout ratio is currently 15.53%.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the company's stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the transaction, the director now directly owns 94,914 shares in the company, valued at approximately $7,886,404.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director John B. Hansen sold 1,000 shares of the company's stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the sale, the director now directly owns 94,914 shares of the company's stock, valued at $7,886,404.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the company's stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,214,311 shares in the company, valued at $84,904,625.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,000 shares of company stock worth $6,626,940 in the last three months. 2.80% of the stock is owned by insiders.

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.