California State Teachers Retirement System Acquires 14,890,338 Shares of Mueller Industries, Inc. $MLI

California State Teachers Retirement System raised its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 11,988.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,014,547 shares of the industrial products company's stock after buying an additional 14,890,338 shares during the period. California State Teachers Retirement System owned about 6.79% of Mueller Industries worth $1,845,738,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MLI. NewEdge Advisors LLC boosted its stake in Mueller Industries by 10.7% in the first quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company's stock worth $1,121,000 after buying an additional 1,420 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company's stock valued at $17,563,000 after acquiring an additional 3,316 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Mueller Industries in the 1st quarter valued at about $524,000. Northwestern Mutual Wealth Management Co. lifted its position in Mueller Industries by 108.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 261 shares during the last quarter. Finally, CW Advisors LLC increased its stake in shares of Mueller Industries by 4.0% in the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company's stock worth $289,000 after buying an additional 140 shares during the period. Institutional investors own 94.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price target for the company in a research report on Thursday, July 16th. Wall Street Zen downgraded Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries has a consensus rating of "Buy" and a consensus target price of $75.00.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $60.55 on Friday. Mueller Industries, Inc. has a 1 year low of $48.26 and a 1 year high of $71.12. The firm has a fifty day moving average price of $63.07 and a 200-day moving average price of $62.79. The stock has a market cap of $13.39 billion, a PE ratio of 15.77 and a beta of 1.10.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business's quarterly revenue was up 25.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.96 EPS.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries's dividend payout ratio (DPR) is currently 18.23%.

Insider Activity at Mueller Industries

In other news, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares in the company, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Goldman sold 2,000 shares of the company's 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 completion of the transaction, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 in the last quarter. 2.30% of the stock is owned by company insiders.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of copper, brass, aluminum, steel and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, construction and industrial applications. The company serves wholesale distributors, original equipment manufacturers and other industrial customers.

Its product portfolio includes copper tube and fittings, brass rod and forgings, valves, plumbing components, plastic pipe and fittings, aluminum extrusions, refrigeration components and other engineered metal products.

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