State of Tennessee Department of Treasury Sells 25,516 Shares of Mueller Industries, Inc. (NYSE:MLI)

State of Tennessee Department of Treasury cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 37.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,937 shares of the industrial products company's stock after selling 25,516 shares during the period. State of Tennessee Department of Treasury's holdings in Mueller Industries were worth $3,407,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MLI. New Age Alpha Advisors LLC acquired a new position in shares of Mueller Industries in the 4th quarter valued at approximately $32,000. Westside Investment Management Inc. bought a new position in Mueller Industries in the third quarter valued at approximately $41,000. SBI Securities Co. Ltd. bought a new position in Mueller Industries in the fourth quarter valued at approximately $47,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Mueller Industries in the fourth quarter valued at approximately $53,000. Finally, City State Bank bought a new stake in shares of Mueller Industries during the fourth quarter worth $58,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Trading Down 1.2 %

MLI opened at $73.06 on Friday. The stock has a market capitalization of $8.08 billion, a P/E ratio of 13.76 and a beta of 0.96. Mueller Industries, Inc. has a 12 month low of $53.53 and a 12 month high of $96.81. The firm's fifty day simple moving average is $76.60 and its 200 day simple moving average is $79.85.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.08. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion. 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 declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.37%. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's dividend payout ratio is 18.21%.

Insider Transactions at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the transaction, the director now owns 56,098 shares in the company, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.70% of the company's stock.

About Mueller Industries

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.

Want to see what other hedge funds are holding MLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mueller Industries, Inc. (NYSE:MLI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.