149,660 Shares in Mueller Industries, Inc. (NYSE:MLI) Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama purchased a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 149,660 shares of the industrial products company's stock, valued at approximately $11,877,000. Retirement Systems of Alabama owned 0.13% of Mueller Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock worth $41,000 after purchasing an additional 146 shares during the period. Westside Investment Management Inc. purchased a new stake in Mueller Industries in the third quarter worth $41,000. City State Bank purchased a new stake in Mueller Industries in the fourth quarter worth $58,000. Harbor Capital Advisors Inc. purchased a new stake in Mueller Industries in the third quarter worth $64,000. Finally, R Squared Ltd purchased a new stake in Mueller Industries in the fourth quarter worth $69,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Performance

Shares of NYSE:MLI traded up $0.51 during midday trading on Tuesday, reaching $80.90. 460,894 shares of the company's stock traded hands, compared to its average volume of 722,792. The company has a market cap of $9.20 billion, a price-to-earnings ratio of 15.23 and a beta of 0.98. Mueller Industries, Inc. has a one year low of $47.46 and a one year high of $96.81. The stock has a 50 day moving average of $80.28 and a 200 day moving average of $77.20.

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%.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the transaction, the director now owns 17,733 shares of the company's stock, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price on the stock in a research note 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.