Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. decreased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 60.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,474 shares of the industrial products company’s stock after selling 6,838 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Mueller Industries were worth $332,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. 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 during the second quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Mueller Industries during the second quarter worth about $30,000. GAMMA Investing LLC boosted its stake 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 buying an additional 146 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Mueller Industries during the third quarter worth about $64,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI opened at $88.68 on Monday. The company has a market capitalization of $10.09 billion, a price-to-earnings ratio of 17.22 and a beta of 1.01. Mueller Industries, Inc. has a fifty-two week low of $40.43 and a fifty-two week high of $96.81. The firm has a 50-day simple moving average of $77.35 and a 200-day simple moving average of $67.28.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping 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%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year.

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 annualized dividend and a yield of 0.90%. Mueller Industries’s dividend payout ratio is currently 15.53%.

Insider Buying and Selling

In other Mueller Industries news, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,214,311 shares of the company’s stock, valued at approximately $84,904,625.12. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $83,090.00. Following the completion of the transaction, the director now directly owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. This trade represents a 1.04 % 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 corporate insiders.

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.