California State Teachers Retirement System Trims Position in Mueller Industries, Inc. $MLI

California State Teachers Retirement System reduced its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,139 shares of the industrial products company's stock after selling 2,070 shares during the quarter. California State Teachers Retirement System owned about 0.06% of Mueller Industries worth $15,014,547 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. HB Wealth Management LLC increased its stake in shares of Mueller Industries by 4.3% in the second quarter. HB Wealth Management LLC now owns 9,287 shares of the industrial products company's stock valued at $1,142,000 after buying an additional 384 shares in the last quarter. Nilsine Partners LLC increased its holdings in Mueller Industries by 2.7% in the second quarter. Nilsine Partners LLC now owns 27,783 shares of the industrial products company's stock worth $3,415,000 after purchasing an additional 722 shares in the last quarter. Compass Financial Management LLC purchased a new stake in Mueller Industries in the 2nd quarter valued at about $123,000. AlphaGrep UK Ltd purchased a new position in Mueller Industries during the 2nd quarter valued at about $239,000. Finally, Oakmont Investment Advisors Inc. bought a new stake in Mueller Industries in the second quarter worth $1,581,000. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Up 0.9%

Shares of MLI stock traded up $0.55 on Tuesday, reaching $60.55. The stock had a trading volume of 601,378 shares, compared to its average volume of 1,476,731. Mueller Industries, Inc. has a 12 month low of $48.26 and a 12 month high of $71.12. The firm has a market capitalization of $13.39 billion, a price-to-earnings ratio of 15.77 and a beta of 1.10. The firm's 50-day moving average is $63.13 and its two-hundred day moving average is $62.82.

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

Mueller Industries Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, September 4th. Mueller Industries's payout ratio is 18.23%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 target price on the stock in a report on Thursday, July 16th. Wall Street Zen downgraded shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Weiss Ratings restated 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 MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $75.00.

Insider Activity

In other news, Director John Hansen sold 2,444 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total transaction of $165,507.68. Following the transaction, the director directly owned 181,328 shares in the company, valued at $12,279,532.16. The trade was a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the transaction, the director directly owned 79,734 shares in the company, valued at $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 275,444 shares of company stock valued at $18,885,398 in the last three months. 2.30% of the stock is currently owned by corporate insiders.

Mueller Industries Profile

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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