Mueller Industries, Inc. (MLI) Shares Sold by Convergence Investment Partners LLC
Convergence Investment Partners LLC cut its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 16.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 75,090 shares of the industrial products company’s stock after selling 14,563 shares during the quarter. Convergence Investment Partners LLC owned 0.13% of Mueller Industries worth $2,624,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of MLI. Nisa Investment Advisors LLC acquired a new position in shares of Mueller Industries in the 2nd quarter worth $152,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Mueller Industries in the 2nd quarter worth $206,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Mueller Industries in the 3rd quarter worth $227,000. Amalgamated Bank grew its holdings in shares of Mueller Industries by 5.2% in the 2nd quarter. Amalgamated Bank now owns 7,949 shares of the industrial products company’s stock worth $242,000 after acquiring an additional 394 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Mueller Industries in the 2nd quarter worth $266,000. Institutional investors own 90.17% of the company’s stock.
In other news, CFO Jeffrey Andrew Martin sold 3,500 shares of Mueller Industries stock in a transaction on Friday, September 15th. The stock was sold at an average price of $32.01, for a total transaction of $112,035.00. Following the transaction, the chief financial officer now owns 111,146 shares in the company, valued at $3,557,783.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles P. Herzog, Jr. purchased 3,624 shares of the stock in a transaction dated Friday, October 27th. The shares were acquired at an average price of $34.72 per share, for a total transaction of $125,825.28. Following the acquisition, the director now directly owns 3,624 shares of the company’s stock, valued at approximately $125,825.28. The disclosure for this purchase can be found here. Insiders own 2.79% of the company’s stock.
Shares of Mueller Industries, Inc. (NYSE:MLI) traded up $0.01 during midday trading on Tuesday, hitting $36.47. The company had a trading volume of 161,400 shares, compared to its average volume of 173,767. The company has a quick ratio of 1.67, a current ratio of 2.83 and a debt-to-equity ratio of 0.73. The firm has a market cap of $2,107.58, a PE ratio of 21.57 and a beta of 1.41. Mueller Industries, Inc. has a twelve month low of $27.72 and a twelve month high of $43.96.
Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.39 earnings per share for the quarter. Mueller Industries had a return on equity of 15.68% and a net margin of 4.39%. The business had revenue of $550.36 million for the quarter.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Friday, December 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.10%. Mueller Industries’s dividend payout ratio is 23.67%.
Separately, BidaskClub cut Mueller Industries from a “hold” rating to a “sell” rating in a report on Friday, August 18th.
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About Mueller Industries
Mueller Industries, Inc is a manufacturer of copper, brass, aluminum and plastic products. The Company operates through three segments: Piping Systems, Industrial Metals and Climate. The Company’s products include copper tube and fittings; line sets; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; plastic fittings and valves; refrigeration valves and fittings; fabricated tubular products, and steel nipples.
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