Pacer Advisors Inc. Lowers Position in Mueller Industries, Inc. (NYSE:MLI)

Pacer Advisors Inc. lowered its holdings in Mueller Industries, Inc. (NYSE:MLI) by 23.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,523,427 shares of the industrial products company’s stock after selling 766,315 shares during the quarter. Pacer Advisors Inc. owned approximately 2.22% of Mueller Industries worth $186,986,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of MLI. International Assets Investment Management LLC bought a new stake in Mueller Industries during the second quarter valued at about $26,000. Federated Hermes Inc. purchased a new position in shares of Mueller Industries in the 2nd quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new position in shares of Mueller Industries in the 2nd quarter worth approximately $30,000. GAMMA Investing LLC grew its position in shares of Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after buying an additional 146 shares during the last quarter. Finally, Larson Financial Group LLC grew its position 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 worth $55,000 after buying an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Up 0.4 %

Shares of Mueller Industries stock opened at $91.03 on Thursday. The firm’s 50 day moving average price is $78.77 and its 200-day moving average price is $67.92. Mueller Industries, Inc. has a 52-week low of $40.43 and a 52-week high of $96.81. The company has a market cap of $10.35 billion, a P/E ratio of 17.68 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last released its 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. The company 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 for the quarter was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries’s dividend payout ratio is currently 15.53%.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the business’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 $7,886,404.26. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.

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.