Municipal Employees Retirement System of Michigan cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 81.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,230 shares of the industrial products company’s stock after selling 71,760 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Mueller Industries were worth $479,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Millennium Management LLC acquired a new stake in Mueller Industries during the 4th quarter valued at approximately $1,206,000. MetLife Investment Advisors LLC acquired a new stake in Mueller Industries during the 4th quarter valued at approximately $925,000. Xact Kapitalforvaltning AB acquired a new stake in Mueller Industries during the 4th quarter valued at approximately $321,000. Global X Management Co. LLC lifted its stake in Mueller Industries by 108.9% during the 1st quarter. Global X Management Co. LLC now owns 8,335 shares of the industrial products company’s stock valued at $218,000 after acquiring an additional 4,345 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in Mueller Industries by 22.6% during the 1st quarter. Wells Fargo & Company MN now owns 2,693,809 shares of the industrial products company’s stock valued at $70,470,000 after acquiring an additional 497,397 shares during the period. Hedge funds and other institutional investors own 92.29% of the company’s stock.
MLI has been the subject of several research reports. Boenning Scattergood initiated coverage on shares of Mueller Industries in a research note on Friday, May 18th. They set a “neutral” rating for the company. TheStreet upgraded shares of Mueller Industries from a “c” rating to a “b-” rating in a research note on Friday, May 18th.
Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 24th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. Mueller Industries had a net margin of 3.59% and a return on equity of 16.10%. The firm had revenue of $662.77 million during the quarter, compared to analysts’ expectations of $663.41 million. equities analysts expect that Mueller Industries, Inc. will post 1.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Thursday, September 6th. Mueller Industries’s dividend payout ratio is currently 26.85%.
In related news, VP Anthony Steinriede sold 2,500 shares of the business’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $31.96, for a total value of $79,900.00. Following the completion of the sale, the vice president now owns 9,669 shares of the company’s stock, valued at approximately $309,021.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Scott Jay Goldman purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was bought at an average cost of $33.24 per share, with a total value of $33,240.00. Following the acquisition, the director now owns 11,000 shares in the company, valued at approximately $365,640. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 9,500 shares of company stock valued at $306,220. Company insiders own 2.80% of the company’s stock.
Mueller Industries Company Profile
Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.
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