Mueller Industries, Inc. (NYSE:MLI) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System boosted its stake in Mueller Industries, Inc. (NYSE:MLI) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,245 shares of the industrial products company’s stock after acquiring an additional 170 shares during the period. Arizona State Retirement System’s holdings in Mueller Industries were worth $2,480,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position in Mueller Industries by 3.2% in the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after acquiring an additional 139,406 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Mueller Industries in the 4th quarter valued at about $300,000. Merit Financial Group LLC acquired a new position in Mueller Industries in the 4th quarter valued at about $287,000. Rhumbline Advisers increased its position in Mueller Industries by 13.7% in the 4th quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company’s stock valued at $28,895,000 after acquiring an additional 43,893 shares during the period. Finally, Congress Asset Management Co. increased its position in Mueller Industries by 6.5% in the 4th quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company’s stock valued at $16,081,000 after acquiring an additional 12,450 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a report on Wednesday, December 11th.

Mueller Industries Trading Down 1.2 %

Shares of MLI opened at $81.09 on Tuesday. Mueller Industries, Inc. has a twelve month low of $50.84 and a twelve month high of $96.81. The stock’s 50 day moving average is $80.16 and its two-hundred day moving average is $78.81. The firm has a market capitalization of $9.18 billion, a PE ratio of 15.27 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is currently 18.83%.

Insider Transactions at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the sale, the director now owns 56,098 shares of the company’s stock, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

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.