Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Vestcor Inc

Vestcor Inc lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 42.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,279 shares of the industrial products company’s stock after selling 23,490 shares during the quarter. Vestcor Inc’s holdings in Mueller Industries were worth $2,562,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Atria Investments Inc lifted its holdings in Mueller Industries by 2.5% in the third quarter. Atria Investments Inc now owns 12,396 shares of the industrial products company’s stock valued at $919,000 after acquiring an additional 302 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of Mueller Industries during the 3rd quarter valued at approximately $320,000. KBC Group NV boosted its stake in shares of Mueller Industries by 12.9% during the 3rd quarter. KBC Group NV now owns 2,784 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 318 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Mueller Industries in the 3rd quarter worth approximately $243,000. Finally, Archer Investment Corp increased its stake in Mueller Industries by 29.4% in the 3rd quarter. Archer Investment Corp now owns 2,200 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a report on Wednesday, December 11th.

Mueller Industries Trading Up 1.8 %

Shares of MLI opened at $79.62 on Friday. The company has a 50-day moving average of $80.18 and a two-hundred day moving average of $78.88. The stock has a market cap of $9.02 billion, a P/E ratio of 14.99 and a beta of 0.99. Mueller Industries, Inc. has a 12-month low of $50.85 and a 12-month high of $96.81.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.26%. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio (DPR) is presently 18.83%.

Mueller Industries Company Profile

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.