Maryland State Retirement & Pension System Invests $419,000 in Mueller Industries, Inc. $MLI

Key Points

• The Maryland State Retirement & Pension System invested approximately $419,000 in Mueller Industries, acquiring 5,270 shares of the company during the second quarter.
• Mueller Industries received a "buy" rating from Weiss Ratings, with an average consensus target price of $105.00 from analysts.
• The company announced a quarterly dividend of $0.25 per share, indicating a 1.0% annual yield and a dividend payout ratio of 15.87%.

Maryland State Retirement & Pension System purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,270 shares of the industrial products company's stock, valued at approximately $419,000.

Several other large investors have also made changes to their positions in MLI. Nuveen LLC acquired a new position in shares of Mueller Industries during the first quarter valued at $54,072,000. AQR Capital Management LLC lifted its stake in shares of Mueller Industries by 329.0% during the first quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company's stock valued at $43,926,000 after acquiring an additional 451,261 shares during the period. Epoch Investment Partners Inc. lifted its stake in shares of Mueller Industries by 222.8% during the first quarter. Epoch Investment Partners Inc. now owns 597,704 shares of the industrial products company's stock valued at $45,509,000 after acquiring an additional 412,564 shares during the period. TD Asset Management Inc acquired a new position in shares of Mueller Industries during the first quarter valued at $18,114,000. Finally, Bessemer Group Inc. lifted its stake in shares of Mueller Industries by 78.2% during the first quarter. Bessemer Group Inc. now owns 443,281 shares of the industrial products company's stock valued at $33,751,000 after acquiring an additional 194,463 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the sale, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $105.00.

Mueller Industries Price Performance

NYSE MLI opened at $98.36 on Tuesday. The firm has a market cap of $10.89 billion, a P/E ratio of 15.61 and a beta of 1.02. The stock's 50-day moving average is $96.35 and its 200-day moving average is $84.38. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $102.75.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. The company's quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is currently 15.87%.

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.

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