Pacer Advisors Inc. Reduces Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Pacer Advisors Inc. lowered its position in Mueller Industries, Inc. (NYSE:MLI) by 23.3% in the third quarter, HoldingsChannel reports. The firm owned 2,523,427 shares of the industrial products company’s stock after selling 766,315 shares during the period. Pacer Advisors Inc.’s holdings in Mueller Industries were worth $186,986,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. LSV Asset Management lifted its position in Mueller Industries by 44.1% in the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock valued at $119,271,000 after buying an additional 641,114 shares during the last quarter. Fiera Capital Corp acquired a new position in Mueller Industries in the third quarter valued at about $35,552,000. F M Investments LLC acquired a new position in Mueller Industries in the second quarter valued at about $14,441,000. Massachusetts Financial Services Co. MA lifted its position in Mueller Industries by 1,124.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 98,920 shares of the industrial products company’s stock valued at $5,633,000 after buying an additional 90,841 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in Mueller Industries by 163.6% in the second quarter. Bank of Montreal Can now owns 118,527 shares of the industrial products company’s stock valued at $6,790,000 after buying an additional 73,567 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI opened at $91.03 on Thursday. The stock has a market capitalization of $10.35 billion, a PE ratio of 17.68 and a beta of 1.01. Mueller Industries, Inc. has a 1 year low of $40.43 and a 1 year high of $96.81. The company’s 50-day simple moving average is $78.77 and its 200-day simple moving average is $67.92.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.16. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The firm had revenue of $997.80 million for the quarter, compared to analyst estimates of $936.00 million. The firm’s revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 0.88%. Mueller Industries’s dividend payout ratio is currently 15.53%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total transaction of $83,090.00. Following the transaction, the director now directly owns 94,914 shares in the company, valued at approximately $7,886,404.26. This trade represents a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.80% of the stock is currently owned by insiders.

Mueller Industries Profile

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.