29,755 Shares in Mueller Industries, Inc. $MLI Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,755 shares of the industrial products company’s stock, valued at approximately $3,658,000.

Several other institutional investors and hedge funds have also bought and sold shares of MLI. Susquehanna Fundamental Investments LLC lifted its stake in shares of Mueller Industries by 60.3% in 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. MUFG Securities EMEA plc purchased a new stake in Mueller Industries during the fourth quarter valued at approximately $15,268,000. The Manufacturers Life Insurance Company purchased a new stake in Mueller Industries during the second quarter valued at approximately $9,645,000. Legal & General Group Plc bought a new position in Mueller Industries in the second quarter worth approximately $19,023,000. Finally, Barlow Wealth Partners LLC raised its position in Mueller Industries by 82.9% in the second quarter. Barlow Wealth Partners LLC now owns 463,736 shares of the industrial products company’s stock worth $57,007,000 after acquiring an additional 210,169 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MLI shares. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $75.00.

Insider Activity at Mueller Industries

In other news, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares in the company, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Goldman sold 2,000 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the sale, the director directly owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 in the last quarter. 2.30% of the stock is owned by company insiders.

Mueller Industries Stock Up 0.3%

Mueller Industries stock opened at $63.75 on Thursday. The company’s 50-day moving average price is $62.92 and its 200-day moving average price is $62.81. The company has a market cap of $14.10 billion, a PE ratio of 16.60 and a beta of 1.10. Mueller Industries, Inc. has a twelve month low of $47.63 and a twelve month high of $71.12.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.96 EPS.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio is presently 18.23%.

Mueller Industries Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.