Mueller Industries, Inc. $MLI Stock Bought by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board boosted its position in Mueller Industries, Inc. (NYSE:MLI) by 98.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,300 shares of the industrial products company’s stock after purchasing an additional 23,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Mueller Industries were worth $2,806,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Mueller Industries during the 2nd quarter valued at $1,437,555,000. First Trust Advisors LP increased its position in Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock worth $619,839,000 after purchasing an additional 33,248 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Mueller Industries in the 2nd quarter worth $244,156,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Mueller Industries by 97.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,363,538 shares of the industrial products company’s stock valued at $206,252,000 after purchasing an additional 1,659,240 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Mueller Industries during the second quarter worth approximately $131,286,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MLI. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Wall Street Zen raised Mueller Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. Freedom Broker decreased their price target on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Finally, Northcoast Research upgraded 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. Three research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $75.50.

Insiders Place Their Bets

In other news, Director John Hansen sold 2,000 shares of Mueller Industries stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $55.40, for a total transaction of $110,800.00. Following the transaction, the director owned 179,078 shares in the company, valued at approximately $9,920,921.20. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by corporate insiders.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $55.10 on Thursday. The stock’s 50 day moving average price is $59.04 and its 200 day moving average price is $61.81. Mueller Industries, Inc. has a 12 month low of $52.00 and a 12 month high of $71.12. The stock has a market cap of $12.01 billion, a price-to-earnings ratio of 14.13 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last released its 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). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.88 earnings per share.

Mueller Industries Dividend Announcement

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

About Mueller Industries

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.