Mueller Industries, Inc. $MLI Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 394,852 shares of the industrial products company’s stock after purchasing an additional 9,356 shares during the period. New York State Common Retirement Fund owned approximately 0.36% of Mueller Industries worth $31,379,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Brooklyn Investment Group increased its position in Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after buying an additional 278 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Mueller Industries during the first quarter worth about $30,000. Employees Retirement System of Texas purchased a new stake in shares of Mueller Industries during the second quarter worth about $34,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Mueller Industries by 108.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 261 shares in the last quarter. Finally, Maseco LLP purchased a new position in shares of Mueller Industries in the 2nd quarter valued at approximately $40,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In related news, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,069,241 shares in the company, valued at $110,580,904.22. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the sale, the director directly owned 91,664 shares in the company, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 355,234 shares of company stock valued at $36,944,652 in the last ninety days. Insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI stock opened at $109.95 on Monday. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $111.39. The firm has a market capitalization of $12.21 billion, a PE ratio of 16.41 and a beta of 1.04. The stock’s 50-day simple moving average is $103.78 and its 200-day simple moving average is $92.11.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the firm earned $1.48 EPS.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio is 14.93%.

About Mueller Industries

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.