State of Michigan Retirement System Buys Shares of 26,900 Mueller Industries, Inc. (NYSE:MLI)

State of Michigan Retirement System acquired a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,900 shares of the industrial products company's stock, valued at approximately $2,135,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fiera Capital Corp bought a new stake in Mueller Industries in the third quarter worth about $35,552,000. Charles Schwab Investment Management Inc. lifted its stake in Mueller Industries by 27.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company's stock valued at $108,907,000 after purchasing an additional 315,490 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Mueller Industries by 135.7% during the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company's stock worth $40,341,000 after buying an additional 292,697 shares in the last quarter. Four Tree Island Advisory LLC acquired a new position in Mueller Industries in the fourth quarter worth approximately $19,376,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Mueller Industries by 77.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company's stock valued at $29,152,000 after buying an additional 171,671 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were 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 owns 56,098 shares in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

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Mueller Industries Stock Down 4.0 %

Shares of MLI stock traded down $3.31 during trading hours on Wednesday, reaching $78.72. 772,535 shares of the stock traded hands, compared to its average volume of 829,700. The firm has a market capitalization of $8.92 billion, a PE ratio of 14.84 and a beta of 0.99. Mueller Industries, Inc. has a 1-year low of $50.84 and a 1-year high of $96.81. The business has a fifty day moving average price of $80.22 and a 200 day moving average price of $78.89.

Mueller Industries (NYSE:MLI - Get Free Report) last released its 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 firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.25 dividend. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.27%. Mueller Industries's dividend payout ratio is currently 18.83%.

Analysts Set New Price Targets

Separately, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective for the company 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.