Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Vestcor Inc

Vestcor Inc lowered its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 42.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,279 shares of the industrial products company’s stock after selling 23,490 shares during the quarter. Vestcor Inc’s holdings in Mueller Industries were worth $2,562,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. State Street Corp grew its position in Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after acquiring an additional 139,406 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Mueller Industries by 27.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after purchasing an additional 315,490 shares during the period. FMR LLC grew its holdings in shares of Mueller Industries by 2.6% during the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after purchasing an additional 27,399 shares during the period. Systematic Financial Management LP increased its position in Mueller Industries by 1.6% during the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock worth $69,605,000 after purchasing an additional 14,729 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Mueller Industries by 135.7% in the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock valued at $40,341,000 after buying an additional 292,697 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Wednesday, December 11th.

Mueller Industries Stock Performance

MLI stock opened at $79.62 on Friday. The firm has a market cap of $9.02 billion, a P/E ratio of 14.99 and a beta of 0.99. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The stock has a 50-day simple moving average of $80.18 and a 200-day simple moving average of $78.88.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data 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 net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Friday, March 14th. Mueller Industries’s dividend payout ratio is presently 18.83%.

Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction 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 trade represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.80% of the company’s stock.

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.