Mueller Industries, Inc. (NYSE:MLI) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lessened its position in Mueller Industries, Inc. (NYSE:MLI) by 3.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 230,304 shares of the industrial products company’s stock after selling 9,165 shares during the period. California Public Employees Retirement System’s holdings in Mueller Industries were worth $18,277,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp boosted its stake in Mueller Industries by 3.2% in 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 in the fourth quarter worth approximately $300,000. Merit Financial Group LLC purchased a new stake in Mueller Industries in the fourth quarter valued at approximately $287,000. Rhumbline Advisers increased its position in Mueller Industries by 13.7% during the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company’s stock worth $28,895,000 after purchasing an additional 43,893 shares during the last quarter. Finally, US Bancorp DE raised its stake in Mueller Industries by 3.0% during the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company’s stock worth $1,451,000 after purchasing an additional 537 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Price Performance

NYSE MLI opened at $70.67 on Friday. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The firm has a market capitalization of $8.00 billion, a P/E ratio of 13.31 and a beta of 0.99. The business’s 50-day simple moving average is $79.31 and its 200-day simple moving average is $79.87.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share 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 business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.25 dividend. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.42%. The ex-dividend date was Friday, March 14th. Mueller Industries’s dividend payout ratio is currently 18.83%.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the 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 completion of the sale, the director now owns 56,098 shares in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Mueller Industries 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.