First Republic Investment Management Inc. reduced its holdings in shares of Mueller Industries, Inc. (NYSE:MLI – Get Rating ) by 11.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,144 shares of the industrial products company’s stock after selling 6,429 shares during the quarter. First Republic Investment Management Inc. owned about 0.09% of Mueller Industries worth $3,099,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Pinebridge Investments LP boosted its holdings in shares of Mueller Industries by 182.5% in the second quarter. Pinebridge Investments LP now owns 565 shares of the industrial products company’s stock valued at $30,000 after buying an additional 365 shares during the last quarter. Costello Asset Management INC acquired a new position in shares of Mueller Industries in the third quarter valued at about $35,000. Wipfli Financial Advisors LLC bought a new stake in shares of Mueller Industries in the third quarter valued at about $38,000. Point72 Hong Kong Ltd acquired a new stake in Mueller Industries during the second quarter valued at approximately $40,000. Finally, Quadrant Capital Group LLC boosted its holdings in Mueller Industries by 50.1% in the second quarter. Quadrant Capital Group LLC now owns 776 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 259 shares during the period. 89.64% of the shares are currently owned by hedge funds and other institutional investors.
Internal Affairs at Mueller Industries
In other news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $68.94, for a total value of $68,940.00. Following the transaction, the director now directly owns 55,885 shares in the company, valued at approximately $3,852,711.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of shares are owned by corporate insiders.
Shares of Mueller Industries rose 0.8%
Shares of NYSE MLI opened at $65.66 on Monday. Mueller Industries, Inc. has a fifty-two week low of $49.42 and a fifty-two week high of $70.43. The firm has a market cap of $3.72 billion, a PE ratio of 5.77 and a beta of 1.13. The business has a 50-day moving average of $64.24 and a 200-day moving average of $63.58.
Mueller Industries Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, December 2nd were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, December 1st. This represents a dividend of $1.00 per year and a yield of 1.52%. Mueller Industries’ dividend payout ratio (DPR) is 8.79%.
The Wall Street analyst weighs in
Separately, StockNews.com began coverage on shares of Mueller Industries in a research report on Wednesday, October 12th. They issued a “buy” rating on the company.
Profile of Mueller Industries
Mueller Industries, Inc manufactures copper, brass, aluminum and plastic products. It operates in the following segments: piping systems, industrial metals and climate. The Piping Systems segment consists of Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, European Operations, Trading Group, Jungwoo-Mueller and Mueller Middle East.
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