Mueller Industries, Inc. $MLI Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Mueller Industries, Inc. by 8.7%, selling 3,429 shares during the first quarter, now owning a total of 35,879 shares valued at approximately $2.73 million.
• Despite the decrease by NJ Common Pension Fund D, other investors such as Golden State Wealth Management LLC and Benjamin Edwards Inc. have increased their positions in Mueller Industries.
• Mueller Industries recently reported a strong quarterly earnings performance, with an EPS of $1.96, exceeding estimates, and a revenue of $1.14 billion, reflecting a 14.1% increase year-over-year.

State of New Jersey Common Pension Fund D cut its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 8.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,879 shares of the industrial products company's stock after selling 3,429 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Mueller Industries were worth $2,732,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MLI. Golden State Wealth Management LLC lifted its stake in Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after buying an additional 168 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Mueller Industries in the 1st quarter valued at about $34,000. Opal Wealth Advisors LLC purchased a new position in Mueller Industries in the 1st quarter valued at about $40,000. Quarry LP purchased a new position in Mueller Industries in the 4th quarter valued at about $45,000. Finally, Point72 Hong Kong Ltd purchased a new position in Mueller Industries in the 4th quarter valued at about $53,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Mueller Industries stock traded up $1.37 during midday trading on Tuesday, reaching $95.97. The company had a trading volume of 636,657 shares, compared to its average volume of 840,668. The company has a market capitalization of $10.62 billion, a P/E ratio of 15.23 and a beta of 1.02. Mueller Industries, Inc. has a 12-month low of $65.24 and a 12-month high of $96.81. The firm's fifty day simple moving average is $85.69 and its 200-day simple moving average is $79.92.

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

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. Mueller Industries's dividend payout ratio is presently 15.87%.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the sale, the director owned 92,664 shares in the company, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.70% of the company's stock.

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.