Public Employees Retirement System of Ohio Takes Position in Mueller Industries, Inc. $MLI

Key Points

• Public Employees Retirement System of Ohio acquired 37,123 shares of Mueller Industries during the second quarter, valued at approximately $4.6 million. Institutional investors collectively own 94.5% of the company.
• Mueller Industries reported quarterly EPS of $1.13, exceeding estimates by $0.04, while revenue rose 25.5% year over year to $1.43 billion. Analysts maintain an overall “Buy” rating with an average price target of $75.
• The company declared a quarterly dividend of $0.175 per share, equivalent to a $0.70 annualized payout and a 1.1% yield. Meanwhile, insiders have sold approximately $18.9 million of stock over the past 90 days.

Public Employees Retirement System of Ohio acquired a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 37,123 shares of the industrial products company's stock, valued at approximately $4,564,000.

Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Mueller Industries in the second quarter valued at about $1,437,555,000. William Blair Investment Management LLC acquired a new position in shares of Mueller Industries during the 2nd quarter worth about $244,156,000. AQR Capital Management LLC lifted its position in shares of Mueller Industries by 181.4% during the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company's stock worth $261,439,000 after purchasing an additional 1,666,891 shares during the last quarter. Norges Bank bought a new stake in Mueller Industries during the 4th quarter valued at approximately $171,281,000. Finally, UBS Group AG grew its holdings in Mueller Industries by 837.0% in the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock valued at $129,819,000 after buying an additional 1,146,919 shares during the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of MLI stock opened at $62.19 on Thursday. The stock has a market cap of $13.76 billion, a P/E ratio of 16.20 and a beta of 1.10. Mueller Industries, Inc. has a one year low of $47.31 and a one year high of $71.12. The stock has a fifty day moving average price of $62.79 and a 200 day moving average price of $62.66.

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

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders 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 dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries's dividend payout ratio is 18.23%.

Analyst Ratings Changes

Several research analysts have commented on MLI shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Wall Street Zen cut Mueller Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Finally, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective on the stock in a research note on Thursday, July 16th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $75.00.

Insider Activity at Mueller Industries

In related news, CEO Gregory L. Christopher sold 200,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were 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 of the company's stock, valued at $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott Jay Goldman sold 2,000 shares of the stock in a transaction that occurred 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 owned 79,734 shares in the company, valued at $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 275,444 shares of company stock worth $18,885,398 over the last 90 days. Insiders own 2.30% of the company's stock.

Mueller Industries Company Profile

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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