State of New Jersey Common Pension Fund D Raises Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

State of New Jersey Common Pension Fund D increased its position in Mueller Industries, Inc. (NYSE:MLI) by 100.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 63,822 shares of the industrial products company’s stock after purchasing an additional 31,911 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Mueller Industries were worth $3,009,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MLI. Meritage Portfolio Management increased its position in Mueller Industries by 5.4% during the 3rd quarter. Meritage Portfolio Management now owns 5,265 shares of the industrial products company’s stock valued at $396,000 after purchasing an additional 270 shares during the period. Fifth Third Bancorp increased its position in Mueller Industries by 124.3% during the 4th quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 292 shares during the period. Larson Financial Group LLC increased its position in Mueller Industries by 100.0% during the 4th quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 299 shares during the period. Navellier & Associates Inc. increased its position in Mueller Industries by 4.5% during the 3rd quarter. Navellier & Associates Inc. now owns 6,984 shares of the industrial products company’s stock valued at $525,000 after purchasing an additional 301 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in Mueller Industries by 5.7% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 6,239 shares of the industrial products company’s stock valued at $469,000 after purchasing an additional 337 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MLI. StockNews.com downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. Northcoast Research restated a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th.

Insider Activity

In related news, Director John B. Hansen sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now owns 18,000 shares in the company, valued at approximately $887,940. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director John B. Hansen sold 4,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $57.29, for a total value of $229,160.00. Following the transaction, the director now owns 104,214 shares in the company, valued at approximately $5,970,420.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the completion of the transaction, the director now owns 18,000 shares in the company, valued at approximately $887,940. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,280 shares of company stock worth $2,804,350. Corporate insiders own 2.80% of the company’s stock.

Mueller Industries Trading Down 1.8 %

Shares of MLI stock opened at $57.33 on Friday. Mueller Industries, Inc. has a 12 month low of $34.08 and a 12 month high of $59.59. The stock has a market cap of $6.51 billion, a PE ratio of 11.49 and a beta of 1.08. The company’s fifty day moving average price is $52.44 and its 200-day moving average price is $47.07.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, February 6th. The industrial products company reported $1.05 EPS for the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%. The firm had revenue of $732.38 million for the quarter.

Mueller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Thursday, March 14th. This is a boost from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s payout ratio is 16.03%.

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.