Mueller Industries, Inc. (MLI) Stake Lessened by Prudential Financial Inc.

Prudential Financial Inc. lowered its position in Mueller Industries, Inc. (NYSE:MLI) by 30.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 251,694 shares of the industrial products company’s stock after selling 111,322 shares during the period. Prudential Financial Inc. owned 0.44% of Mueller Industries worth $7,294,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Mueller Industries in the 2nd quarter worth approximately $203,000. CIBC Asset Management Inc acquired a new position in shares of Mueller Industries in the 2nd quarter worth approximately $222,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Mueller Industries in the 3rd quarter worth approximately $336,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Mueller Industries in the 2nd quarter worth approximately $359,000. Finally, Ingalls & Snyder LLC lifted its position in shares of Mueller Industries by 23.0% in the 2nd quarter. Ingalls & Snyder LLC now owns 12,300 shares of the industrial products company’s stock worth $363,000 after purchasing an additional 2,300 shares during the period. Hedge funds and other institutional investors own 91.86% of the company’s stock.

MLI has been the topic of a number of recent analyst reports. ValuEngine downgraded shares of Mueller Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 17th. Boenning Scattergood reiterated a “hold” rating on shares of Mueller Industries in a research note on Tuesday, October 23rd. Zacks Investment Research lowered shares of Mueller Industries from a “hold” rating to a “strong sell” rating in a research note on Friday, October 26th. Finally, TheStreet lowered shares of Mueller Industries from a “b-” rating to a “c+” rating in a research note on Monday, October 29th.

NYSE:MLI opened at $22.49 on Friday. The firm has a market capitalization of $1.33 billion, a PE ratio of 15.45 and a beta of 1.50. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.12 and a quick ratio of 1.83. Mueller Industries, Inc. has a twelve month low of $21.96 and a twelve month high of $37.57.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, October 23rd. The industrial products company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.04). The company had revenue of $645.96 million during the quarter, compared to the consensus estimate of $583.39 million. Mueller Industries had a net margin of 3.37% and a return on equity of 15.29%. Analysts forecast that Mueller Industries, Inc. will post 1.5 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, December 7th will be paid a $0.10 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.78%. Mueller Industries’s dividend payout ratio is currently 26.85%.

In related news, Chairman Gregory L. Christopher acquired 7,000 shares of the stock in a transaction dated Thursday, October 25th. The stock was bought at an average price of $25.50 per share, for a total transaction of $178,500.00. Following the purchase, the chairman now directly owns 452,069 shares of the company’s stock, valued at approximately $11,527,759.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gary Westermeyer acquired 2,000 shares of the stock in a transaction dated Monday, November 26th. The stock was bought at an average price of $23.95 per share, with a total value of $47,900.00. Following the purchase, the insider now directly owns 24,292 shares in the company, valued at $581,793.40. The disclosure for this purchase can be found here. Insiders bought a total of 30,600 shares of company stock valued at $762,204 in the last quarter. 2.80% of the stock is currently owned by company insiders.

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About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.

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Institutional Ownership by Quarter for Mueller Industries (NYSE:MLI)

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