Seven Eight Capital LP Trims Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Seven Eight Capital LP lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 63.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 3,914 shares of the industrial products company’s stock after selling 6,864 shares during the quarter. Seven Eight Capital LP’s holdings in Mueller Industries were worth $211,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fifth Third Bancorp boosted its position in Mueller Industries by 124.3% in the fourth quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company’s stock valued at $25,000 after buying an additional 292 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of Mueller Industries by 100.0% in the 4th quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 299 shares during the last quarter. Montag A & Associates Inc. purchased a new position in shares of Mueller Industries during the fourth quarter worth $34,000. LifeSteps Financial Inc. purchased a new position in shares of Mueller Industries during the first quarter worth $43,000. Finally, CWM LLC lifted its position in Mueller Industries by 36.9% during the first quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 223 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Mueller Industries news, Director Elizabeth M. Donovan sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $57.73, for a total value of $115,460.00. Following the completion of the transaction, the director now owns 24,733 shares in the company, valued at $1,427,836.09. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director John B. Hansen sold 2,733 shares of Mueller Industries stock in a transaction on Monday, May 13th. The shares were sold at an average price of $58.61, for a total value of $160,181.13. Following the sale, the director now owns 103,914 shares of the company’s stock, valued at approximately $6,090,399.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth M. Donovan sold 2,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $57.73, for a total transaction of $115,460.00. Following the transaction, the director now owns 24,733 shares of the company’s stock, valued at $1,427,836.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,169 shares of company stock valued at $3,277,602. Corporate insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI opened at $66.00 on Thursday. The business’s 50-day moving average is $58.02 and its two-hundred day moving average is $53.91. The company has a market capitalization of $7.50 billion, a P/E ratio of 13.15 and a beta of 1.06. Mueller Industries, Inc. has a fifty-two week low of $34.96 and a fifty-two week high of $67.82.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. The firm had revenue of $997.75 million for the quarter. Mueller Industries had a return on equity of 23.40% and a net margin of 16.19%.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Friday, June 7th. Mueller Industries’s dividend payout ratio is currently 16.03%.

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.