Mueller Industries, Inc. $MLI Stock: Retirement Systems of Alabama Raises Holdings

Retirement Systems of Alabama raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 99.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 358,471 shares of the industrial products company’s stock after buying an additional 178,941 shares during the quarter. Retirement Systems of Alabama owned about 0.16% of Mueller Industries worth $21,727,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Engineers Gate Manager LP grew its position in Mueller Industries by 169.1% during the second quarter. Engineers Gate Manager LP now owns 35,950 shares of the industrial products company’s stock valued at $4,419,000 after acquiring an additional 22,590 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Mueller Industries in the 2nd quarter worth about $3,658,000. Tidal Investments LLC lifted its stake in shares of Mueller Industries by 106.6% in the 2nd quarter. Tidal Investments LLC now owns 436,778 shares of the industrial products company’s stock valued at $53,693,000 after purchasing an additional 225,366 shares in the last quarter. Argent Capital Management LLC lifted its stake in shares of Mueller Industries by 86.7% in the 3rd quarter. Argent Capital Management LLC now owns 42,853 shares of the industrial products company’s stock valued at $2,597,000 after purchasing an additional 19,904 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its holdings in shares of Mueller Industries by 60.3% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,342 shares of the industrial products company’s stock worth $11,106,000 after purchasing an additional 33,981 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity

In related news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the transaction, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hansen sold 2,000 shares of Mueller Industries stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $55.40, for a total value of $110,800.00. Following the completion of the transaction, the director owned 179,078 shares of the company’s stock, valued at $9,920,921.20. This trade represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by insiders.

Mueller Industries Trading Up 0.2%

Shares of NYSE:MLI opened at $55.10 on Thursday. The company has a fifty day simple moving average of $59.04 and a 200 day simple moving average of $61.81. The firm has a market cap of $12.01 billion, a PE ratio of 14.13 and a beta of 1.01. Mueller Industries, Inc. has a 12-month low of $52.00 and a 12-month high of $71.12.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the company earned $1.88 earnings per share. The company’s revenue was up 31.6% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a $0.1750 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. Mueller Industries’s payout ratio is presently 17.95%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Freedom Broker reduced their price objective on Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $75.50.

Mueller Industries Profile

Mueller Industries, Inc. manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products. The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.