Vanguard Group Inc. Sells 147,991 Shares of Mueller Industries, Inc. (NYSE:MLI)

Vanguard Group Inc. reduced its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 1.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,556,861 shares of the industrial products company’s stock after selling 147,991 shares during the quarter. Vanguard Group Inc. owned approximately 10.44% of Mueller Industries worth $879,939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MLI. Golden State Wealth Management LLC raised its holdings in Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 168 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in Mueller Industries during the 1st quarter valued at about $34,000. Opal Wealth Advisors LLC purchased a new stake in shares of Mueller Industries during the 1st quarter valued at about $40,000. Quarry LP purchased a new stake in shares of Mueller Industries during the 4th quarter valued at about $45,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Mueller Industries during the 4th quarter valued at about $53,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Up 1.0%

Shares of NYSE:MLI opened at $89.97 on Tuesday. The firm’s 50 day moving average price is $82.11 and its 200-day moving average price is $78.87. Mueller Industries, Inc. has a twelve month low of $65.24 and a twelve month high of $96.81. The stock has a market capitalization of $9.96 billion, a PE ratio of 14.28 and a beta of 1.02.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.34. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The business’s revenue was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Mueller Industries’s dividend payout ratio (DPR) is 15.87%.

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.