New York State Teachers Retirement System decreased its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,559 shares of the industrial products company's stock after selling 11,028 shares during the quarter. New York State Teachers Retirement System owned 0.14% of Mueller Industries worth $12,980,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the company. Creative Planning boosted its holdings in Mueller Industries by 36.5% during the 3rd quarter. Creative Planning now owns 40,081 shares of the industrial products company's stock valued at $2,970,000 after acquiring an additional 10,714 shares during the period. Stratos Wealth Partners LTD. grew its holdings in shares of Mueller Industries by 19.3% in the third quarter. Stratos Wealth Partners LTD. now owns 75,434 shares of the industrial products company's stock valued at $5,590,000 after purchasing an additional 12,187 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Mueller Industries by 36.3% in the third quarter. Blue Trust Inc. now owns 5,178 shares of the industrial products company's stock worth $384,000 after acquiring an additional 1,378 shares in the last quarter. Raymond James & Associates grew its stake in Mueller Industries by 6.9% during the 3rd quarter. Raymond James & Associates now owns 65,848 shares of the industrial products company's stock worth $4,879,000 after purchasing an additional 4,226 shares in the last quarter. Finally, Retirement Guys Formula LLC acquired a new stake in Mueller Industries in the 3rd quarter valued at about $200,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price on the stock in a report on Wednesday, December 11th.
Get Our Latest Report on MLI
Insider Activity at Mueller Industries
In related news, Director Scott Jay Goldman sold 10,000 shares of the company'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 completion of the sale, the director now directly owns 56,098 shares of the company's stock, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is owned by corporate insiders.
Mueller Industries Stock Performance
Shares of NYSE:MLI traded down $2.17 on Friday, hitting $78.41. 1,100,369 shares of the company's stock were exchanged, compared to its average volume of 738,434. Mueller Industries, Inc. has a 1-year low of $47.46 and a 1-year high of $96.81. The company has a market capitalization of $8.92 billion, a PE ratio of 14.77 and a beta of 0.98. The firm's 50-day moving average is $80.31 and its 200 day moving average is $77.75.
Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (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 business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.25 per share. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.28%. The ex-dividend date is Friday, March 14th. Mueller Industries's dividend payout ratio (DPR) is currently 15.07%.
About Mueller Industries
(
Free Report)
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.
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