New York State Teachers Retirement System Lowers Holdings in Mueller Industries, Inc. $MLI

by · The Cerbat Gem

New York State Teachers Retirement System trimmed its holdings in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 8.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,354 shares of the industrial products company’s stock after selling 12,236 shares during the quarter. New York State Teachers Retirement System owned approximately 0.13% of Mueller Industries worth $14,090,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bayforest Capital Ltd bought a new position in shares of Mueller Industries during the 3rd quarter valued at approximately $528,000. Oliver Luxxe Assets LLC lifted its holdings in Mueller Industries by 2.4% during the third quarter. Oliver Luxxe Assets LLC now owns 94,825 shares of the industrial products company’s stock worth $9,588,000 after buying an additional 2,182 shares during the period. Baker Ellis Asset Management LLC raised its holdings in Mueller Industries by 4.2% in the third quarter. Baker Ellis Asset Management LLC now owns 49,165 shares of the industrial products company’s stock worth $4,971,000 after purchasing an additional 1,975 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Mueller Industries by 0.4% in the third quarter. Venturi Wealth Management LLC now owns 179,390 shares of the industrial products company’s stock valued at $18,138,000 after acquiring an additional 768 shares in the last quarter. Finally, Lecap Asset Management Ltd. purchased a new position in Mueller Industries during the 3rd quarter worth $1,503,000. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director directly owned 41,745 shares in the company, valued at approximately $4,535,176.80. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the completion of the sale, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This trade represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 355,234 shares of company stock worth $36,944,652. Insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy”.

Read Our Latest Stock Analysis on Mueller Industries

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $125.84 on Wednesday. The company’s fifty day moving average price is $113.07 and its 200 day moving average price is $100.94. The company has a market capitalization of $13.97 billion, a PE ratio of 18.78 and a beta of 1.04. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $126.38.

Mueller Industries (NYSE:MLI – Get Free Report) last posted its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company’s revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 earnings per share.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Mueller Industries’s payout ratio is currently 14.93%.

About Mueller Industries

(Free Report)

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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