Rockefeller Capital Management L.P. Trims Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Rockefeller Capital Management L.P. trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 39.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 866,903 shares of the industrial products company's stock after selling 553,111 shares during the period. Rockefeller Capital Management L.P. owned 0.76% of Mueller Industries worth $64,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. International Assets Investment Management LLC acquired a new stake in shares of Mueller Industries during the second quarter worth about $26,000. Federated Hermes Inc. acquired a new stake in shares of Mueller Industries in the second quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Mueller Industries in the second quarter valued at approximately $30,000. GAMMA Investing LLC grew its position 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 acquiring an additional 146 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Mueller Industries by 61.7% in the 2nd quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company's stock valued at $55,000 after acquiring an additional 369 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Price Performance

Shares of MLI stock traded down $0.06 during midday trading on Friday, hitting $80.77. The company had a trading volume of 694,802 shares, compared to its average volume of 831,677. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of 15.70 and a beta of 1.01. The company's 50 day simple moving average is $80.53 and its 200 day simple moving average is $69.07. Mueller Industries, Inc. has a 52-week low of $40.69 and a 52-week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $997.80 million during the quarter, compared to the consensus estimate of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The company's revenue was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently disclosed 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 0.99%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries's dividend payout ratio is presently 15.53%.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the 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 approximately $7,886,404.26. This represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the director now owns 17,733 shares of the company's stock, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently 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.