VIRGINIA RETIREMENT SYSTEMS ET Al Takes $54.75 Million Position in Mueller Industries, Inc. $MLI

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Mueller Industries, Inc. (NYSE:MLI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 688,955 shares of the industrial products company’s stock, valued at approximately $54,751,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.62% of Mueller Industries at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Total Wealth Planning & Management Inc. raised its holdings in shares of Mueller Industries by 2.5% during the 2nd quarter. Total Wealth Planning & Management Inc. now owns 5,948 shares of the industrial products company’s stock valued at $473,000 after buying an additional 144 shares in the last quarter. Contravisory Investment Management Inc. grew its position in Mueller Industries by 6.2% during the second quarter. Contravisory Investment Management Inc. now owns 2,611 shares of the industrial products company’s stock valued at $207,000 after acquiring an additional 152 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of Mueller Industries by 103.1% during the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 168 shares in the last quarter. Rowlandmiller & PARTNERS.ADV lifted its holdings in shares of Mueller Industries by 3.4% in the 2nd quarter. Rowlandmiller & PARTNERS.ADV now owns 5,560 shares of the industrial products company’s stock worth $442,000 after acquiring an additional 185 shares during the last quarter. Finally, Hohimer Wealth Management LLC boosted its stake in shares of Mueller Industries by 4.4% in the 1st quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company’s stock valued at $340,000 after purchasing an additional 187 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has a consensus rating of “Buy” and a consensus target price of $105.00.

Insider Buying and Selling at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the sale, the director directly owned 92,664 shares of the company’s stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

NYSE:MLI opened at $98.58 on Friday. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $102.75. The firm has a market cap of $10.91 billion, a PE ratio of 15.65 and a beta of 1.02. The business has a 50 day moving average price of $97.24 and a 200-day moving average price of $84.93.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.62 by $0.34. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries’s revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries’s dividend payout ratio is currently 15.87%.

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.