Mueller Industries, Inc. $MLI Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. reduced its stake in Mueller Industries, Inc. by 19.0% in Q2, selling 262,553 shares. The firm now owns 1,118,252 shares worth $88.87 million. Other institutional investors also modified their holdings. Insiders sold 355,234 shares worth $36.94 million in the last 90 days. Mueller Industries reported Q3 earnings of $1.88 per share, missing estimates. The company announced a quarterly dividend of $0.25 per share. Analysts maintain a 'Buy' rating with a consensus target price of $105.00.

Charles Schwab Investment Management Inc. cut its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 19.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,118,252 shares of the industrial products company's stock after selling 262,553 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.01% of Mueller Industries worth $88,867,000 at the end of the most recent quarter.

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Several other institutional investors and hedge funds also recently modified their holdings of the stock. Entropy Technologies LP acquired a new stake in Mueller Industries in the second quarter valued at approximately $658,000. Advisors Management Group Inc. ADV boosted its stake in shares of Mueller Industries by 51.0% in the second quarter. Advisors Management Group Inc. ADV now owns 51,024 shares of the industrial products company's stock valued at $4,055,000 after purchasing an additional 17,239 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Mueller Industries by 21.3% in the second quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company's stock valued at $1,981,000 after purchasing an additional 4,370 shares during the period. Harbour Investments Inc. grew its holdings in Mueller Industries by 34.3% during the 1st quarter. Harbour Investments Inc. now owns 52,953 shares of the industrial products company's stock valued at $4,032,000 after purchasing an additional 13,520 shares in the last quarter. Finally, FORA Capital LLC purchased a new stake in Mueller Industries during the 1st quarter worth $530,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

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Insider Activity

In other news, Director Scott Jay Goldman sold 4,234 shares of the business's stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the sale, the director directly owned 41,745 shares in the company, valued at approximately $4,535,176.80. The trade was a 9.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gregory L. Christopher sold 50,000 shares of the firm's stock in a transaction on Monday, October 27th. The stock was sold at an average price of $103.42, for a total value of $5,171,000.00. Following the transaction, the chief executive officer owned 1,069,241 shares in the company, valued at $110,580,904.22. This trade represents a 4.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 355,234 shares of company stock worth $36,944,652. 2.70% of the stock is currently owned by insiders.

Mueller Industries Price Performance

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Shares of MLI stock opened at $109.95 on Friday. The firm has a market cap of $12.21 billion, a P/E ratio of 16.41 and a beta of 1.04. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $111.39. The firm has a fifty day moving average of $103.78 and a two-hundred day moving average of $91.93.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $942.00 million. During the same quarter last year, the company posted $1.48 EPS. The business's revenue for the quarter was up 8.0% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a $0.25 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. Mueller Industries's dividend payout ratio (DPR) is presently 14.93%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $105.00.

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About Mueller Industries

(Free Report)

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.

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