Summit Global Investments Purchases 204 Shares of Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments raised its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 1.6% during the second quarter, HoldingsChannel.com reports. The fund owned 12,844 shares of the industrial products company’s stock after buying an additional 204 shares during the quarter. Summit Global Investments’ holdings in Mueller Industries were worth $731,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Raymond James & Associates grew its stake in Mueller Industries by 3.5% during the second quarter. Raymond James & Associates now owns 61,622 shares of the industrial products company’s stock worth $3,509,000 after purchasing an additional 2,063 shares during the period. Blue Trust Inc. grew its position in shares of Mueller Industries by 46.0% during the 2nd quarter. Blue Trust Inc. now owns 3,800 shares of the industrial products company’s stock worth $205,000 after buying an additional 1,197 shares during the period. Welch Group LLC increased its stake in shares of Mueller Industries by 76.0% in the 2nd quarter. Welch Group LLC now owns 22,000 shares of the industrial products company’s stock valued at $1,253,000 after acquiring an additional 9,500 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mueller Industries during the 2nd quarter valued at $250,000. Finally, Crestmont Private Wealth LLC grew its holdings in Mueller Industries by 9.2% in the second quarter. Crestmont Private Wealth LLC now owns 8,015 shares of the industrial products company’s stock worth $456,000 after purchasing an additional 675 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John B. Hansen sold 8,000 shares of Mueller Industries stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $67.24, for a total transaction of $537,920.00. Following the completion of the transaction, the director now directly owns 95,914 shares in the company, valued at $6,449,257.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director John B. Hansen sold 8,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $67.24, for a total transaction of $537,920.00. Following the completion of the sale, the director now owns 95,914 shares in the company, valued at $6,449,257.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gregory L. Christopher sold 45,000 shares of Mueller Industries stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total value of $3,047,850.00. Following the sale, the chief executive officer now owns 1,264,311 shares of the company’s stock, valued at approximately $85,631,784.03. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,000 shares of company stock worth $3,701,230. Insiders own 2.80% of the company’s stock.

Mueller Industries Stock Down 1.6 %

MLI traded down $1.12 during midday trading on Tuesday, hitting $67.88. The company had a trading volume of 458,131 shares, compared to its average volume of 688,727. The stock’s 50 day moving average price is $62.15 and its 200 day moving average price is $56.79. The company has a market capitalization of $7.71 billion, a price-to-earnings ratio of 13.60 and a beta of 1.06. Mueller Industries, Inc. has a 52 week low of $34.96 and a 52 week high of $72.68.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. The business had revenue of $997.75 million for the quarter. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. Mueller Industries’s dividend payout ratio (DPR) is presently 16.03%.

Mueller Industries Company 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.