Vestcor Inc Decreases Holdings in Mueller Industries, Inc. (NYSE:MLI)

Vestcor Inc lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 42.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,279 shares of the industrial products company's stock after selling 23,490 shares during the quarter. Vestcor Inc's holdings in Mueller Industries were worth $2,562,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MLI. Arizona State Retirement System boosted its holdings in Mueller Industries by 0.5% during the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company's stock worth $2,480,000 after buying an additional 170 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Mueller Industries by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock valued at $274,000 after acquiring an additional 174 shares in the last quarter. GM Advisory Group LLC raised its position in Mueller Industries by 5.3% during the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company's stock worth $281,000 after acquiring an additional 192 shares during the last quarter. Caprock Group LLC lifted its holdings in shares of Mueller Industries by 2.3% in the fourth quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company's stock valued at $674,000 after purchasing an additional 194 shares in the last quarter. Finally, Kestra Investment Management LLC grew its position in shares of Mueller Industries by 7.7% in the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company's stock valued at $242,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

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Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the firm's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the transaction, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.80% of the stock is owned by insiders.

Mueller Industries Stock Up 2.7 %

Shares of MLI traded up $2.17 during trading hours on Wednesday, reaching $81.48. 637,442 shares of the company traded hands, compared to its average volume of 821,658. The stock has a market capitalization of $9.23 billion, a PE ratio of 15.34 and a beta of 0.99. Mueller Industries, Inc. has a fifty-two week low of $50.85 and a fifty-two week high of $96.81. The stock has a fifty day simple moving average of $80.17 and a 200 day simple moving average of $79.19.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 EPS 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 company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.25 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.23%. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio (DPR) is presently 18.83%.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective for the company in a research report on Wednesday, December 11th.

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.