Teacher Retirement System of Texas grew its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 116.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,134 shares of the industrial products company's stock after purchasing an additional 32,883 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.05% of Mueller Industries worth $4,852,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of MLI. State Street Corp lifted its holdings in Mueller Industries by 3.2% during the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock worth $329,830,000 after buying an additional 139,406 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Mueller Industries during the 4th quarter worth about $300,000. Merit Financial Group LLC purchased a new stake in Mueller Industries during the fourth quarter worth approximately $287,000. Rhumbline Advisers boosted its holdings in Mueller Industries by 13.7% in the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock valued at $28,895,000 after purchasing an additional 43,893 shares in the last quarter. Finally, US Bancorp DE increased its stake in Mueller Industries by 3.0% in the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock valued at $1,451,000 after purchasing an additional 537 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.
Insider Activity at Mueller Industries
In related news, Director Scott Jay Goldman sold 10,000 shares of the business'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 transaction, the director now owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.80% of the stock is owned by insiders.
Analysts Set New Price Targets
Separately, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price for the company in a report on Wednesday, December 11th.
Check Out Our Latest Stock Analysis on MLI
Mueller Industries Stock Performance
Shares of MLI stock traded down $0.29 during mid-day trading on Wednesday, hitting $78.93. 435,943 shares of the stock were exchanged, compared to its average volume of 834,900. The stock's fifty day simple moving average is $80.11 and its two-hundred day simple moving average is $79.57. Mueller Industries, Inc. has a 12-month low of $50.85 and a 12-month high of $96.81. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 14.86 and a beta of 0.99.
Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping 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 represents a $1.00 dividend on an annualized basis and a dividend yield of 1.27%. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. Mueller Industries's payout ratio is presently 18.83%.
Mueller Industries Profile
(
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.
Recommended Stories
Before you consider Mueller Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Mueller Industries wasn't on the list.
While Mueller Industries currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Get this report to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
