VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 688,955 Mueller Industries, Inc. $MLI

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Mueller Industries, Inc. (NYSE:MLI) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 688,955 shares of the industrial products company’s stock, valued at approximately $54,751,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in Mueller Industries by 0.4% in the first quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after buying an additional 10,968 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Mueller Industries by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock valued at $184,890,000 after purchasing an additional 42,599 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Mueller Industries by 15.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock valued at $93,259,000 after purchasing an additional 166,012 shares during the period. Systematic Financial Management LP boosted its position in shares of Mueller Industries by 1.0% during the first quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock valued at $72,875,000 after purchasing an additional 9,463 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Mueller Industries in the first quarter worth $54,072,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Wall Street Analyst Weigh In

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

Mueller Industries Stock Up 0.0%

MLI stock opened at $98.58 on Friday. The business has a 50 day moving average of $97.24 and a 200 day moving average of $84.93. The firm has a market cap of $10.91 billion, a PE ratio of 15.65 and a beta of 1.02. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $102.75.

Mueller Industries (NYSE:MLI) last released 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 return on equity of 24.47% and a net margin of 17.48%.The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries’s revenue for the quarter was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

Insiders Place Their Bets

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

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.