23,000 Mueller Industries, Inc. $MLI Shares Bought by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board grew its position in Mueller Industries, Inc. (NYSE:MLI) by 98.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,300 shares of the industrial products company’s stock after buying an additional 23,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Mueller Industries were worth $2,806,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its stake in Mueller Industries by 123.5% during the 3rd quarter. Maryland State Retirement & Pension System now owns 12,722 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 7,031 shares in the last quarter. Pavion Blue Capital LLC raised its position in Mueller Industries by 100.0% during the third quarter. Pavion Blue Capital LLC now owns 3,552 shares of the industrial products company’s stock valued at $215,000 after acquiring an additional 1,776 shares in the last quarter. Ritholtz Wealth Management lifted its stake in shares of Mueller Industries by 89.1% in the 3rd quarter. Ritholtz Wealth Management now owns 175,970 shares of the industrial products company’s stock valued at $10,666,000 after purchasing an additional 82,900 shares during the period. Jacobi Capital Management LLC acquired a new stake in shares of Mueller Industries during the 3rd quarter valued at about $48,000. Finally, Illinois Municipal Retirement Fund increased its position in shares of Mueller Industries by 101.0% in the third quarter. Illinois Municipal Retirement Fund now owns 114,796 shares of the industrial products company’s stock valued at $6,958,000 after buying an additional 57,692 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Up 0.2%

Shares of MLI opened at $55.10 on Thursday. The stock has a 50 day moving average price of $59.04 and a 200 day moving average price of $61.81. The company has a market capitalization of $12.01 billion, a price-to-earnings ratio of 14.13 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 announced 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). The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. During the same quarter in the prior year, the business earned $1.88 earnings per share. Mueller Industries’s revenue was up 31.6% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid 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 yield of 1.3%. Mueller Industries’s dividend payout ratio is currently 17.95%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 2,000 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $55.40, for a total transaction of $110,800.00. Following the completion of the transaction, the director owned 179,078 shares in the company, valued at approximately $9,920,921.20. This represents a 1.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Goldman sold 2,000 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $64.08, for a total transaction of $128,160.00. Following the transaction, 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. Company insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MLI shares. Freedom Broker decreased 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 note on Thursday, October 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded Mueller Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. Three research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $75.50.

Mueller Industries 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.