State of Michigan Retirement System Invests $2.14 Million in Mueller Industries, Inc. (NYSE:MLI)

State of Michigan Retirement System purchased a new position in Mueller Industries, Inc. (NYSE:MLI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 26,900 shares of the industrial products company’s stock, valued at approximately $2,135,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp lifted its position in Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after purchasing an additional 139,406 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Mueller Industries by 27.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after purchasing an additional 315,490 shares in the last quarter. FMR LLC lifted its position in Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock valued at $79,039,000 after purchasing an additional 27,399 shares in the last quarter. Systematic Financial Management LP lifted its position in Mueller Industries by 1.6% during the third quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock valued at $69,605,000 after purchasing an additional 14,729 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in Mueller Industries by 135.7% during the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock valued at $40,341,000 after purchasing an additional 292,697 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the sale, the director now directly owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

NYSE MLI opened at $82.17 on Friday. The company has a market capitalization of $9.31 billion, a PE ratio of 15.47 and a beta of 0.99. The business’s fifty day moving average is $80.14 and its 200 day moving average is $78.66. Mueller Industries, Inc. has a fifty-two week low of $50.84 and a fifty-two week high of $96.81.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating the consensus estimate 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.22%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, March 14th. Mueller Industries’s payout ratio is presently 18.83%.

Wall Street Analyst Weigh In

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

About Mueller Industries

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.