57,692 Mueller Industries, Inc. $MLI Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 101.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 114,796 shares of the industrial products company’s stock after buying an additional 57,692 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Mueller Industries were worth $6,958,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MLI. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Mueller Industries by 125.8% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 11,824 shares of the industrial products company’s stock valued at $717,000 after acquiring an additional 6,588 shares during the last quarter. Lido Advisors LLC raised its position in shares of Mueller Industries by 98.5% during the 3rd quarter. Lido Advisors LLC now owns 32,618 shares of the industrial products company’s stock valued at $1,977,000 after acquiring an additional 16,183 shares in the last quarter. Narwhal Capital Management raised its position in shares of Mueller Industries by 78.2% during the 3rd quarter. Narwhal Capital Management now owns 93,543 shares of the industrial products company’s stock valued at $5,670,000 after acquiring an additional 41,062 shares in the last quarter. D Orazio & Associates Inc. lifted its stake in Mueller Industries by 97.9% during the third quarter. D Orazio & Associates Inc. now owns 8,406 shares of the industrial products company’s stock worth $509,000 after purchasing an additional 4,158 shares during the last quarter. Finally, Gen Wealth Partners Inc bought a new position in Mueller Industries during the third quarter worth $36,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analyst Ratings Changes

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

Mueller Industries Trading Down 0.4%

NYSE:MLI opened at $54.88 on Friday. The stock has a 50 day moving average of $58.89 and a 200-day moving average of $61.75. The firm has a market capitalization of $11.96 billion, a PE ratio of 14.07 and a beta of 1.01. Mueller Industries, Inc. has a 52 week low of $52.00 and a 52 week high of $71.12.

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

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $0.1750 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, December 4th. Mueller Industries’s dividend payout ratio is 17.95%.

Insider Buying and Selling

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

Mueller Industries Company 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.