Mueller Industries, Inc. (NYSE:MLI) Stake Raised by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 116.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 61,134 shares of the industrial products company's stock after purchasing an additional 32,883 shares during the period. Teacher Retirement System of Texas owned 0.05% of Mueller Industries worth $4,852,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Westside Investment Management Inc. bought a new position in Mueller Industries during the 3rd quarter worth approximately $41,000. SBI Securities Co. Ltd. bought a new position in Mueller Industries during the fourth quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Mueller Industries during the fourth quarter valued at $53,000. City State Bank acquired a new stake in shares of Mueller Industries during the fourth quarter worth $58,000. Finally, GAMMA Investing LLC lifted its position in shares of Mueller Industries by 46.7% in the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company's stock worth $64,000 after buying an additional 258 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the sale, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. 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 currently owned by insiders.

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Mueller Industries Trading Down 1.7 %

MLI traded down $1.32 during trading on Thursday, reaching $77.57. 613,099 shares of the company were exchanged, compared to its average volume of 834,023. Mueller Industries, Inc. has a 52 week low of $50.85 and a 52 week high of $96.81. The firm has a 50 day moving average of $80.11 and a 200 day moving average of $79.57. The stock has a market cap of $8.79 billion, a P/E ratio of 14.61 and a beta of 0.99.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.09. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.25 dividend. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries's dividend payout ratio (DPR) is currently 18.83%.

Analyst Ratings Changes

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

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.