Vestcor Inc Grows Stake in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Vestcor Inc increased its holdings in Mueller Industries by 13.0%, acquiring an additional 4,181 shares during the first quarter, bringing their total to 36,460 shares valued at approximately $2.776 million.
• Mueller Industries reported a 14.1% year-over-year revenue increase, with quarterly earnings of $1.96 EPS, exceeding analysts' expectations by 34 cents.
• The company announced a quarterly dividend of $0.25 per share, translating to an annualized dividend yield of 1.2%, with the payment set to be made on September 19th.

Vestcor Inc grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 13.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,460 shares of the industrial products company's stock after acquiring an additional 4,181 shares during the quarter. Vestcor Inc's holdings in Mueller Industries were worth $2,776,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. LPL Financial LLC increased its stake in Mueller Industries by 59.9% in the 4th quarter. LPL Financial LLC now owns 161,041 shares of the industrial products company's stock worth $12,780,000 after purchasing an additional 60,354 shares during the period. Blair William & Co. IL purchased a new stake in Mueller Industries in the fourth quarter worth $1,093,000. New Age Alpha Advisors LLC purchased a new stake in Mueller Industries in the fourth quarter worth $32,000. Nomura Asset Management Co. Ltd. grew its stake in Mueller Industries by 5,640.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 34,440 shares of the industrial products company's stock worth $2,733,000 after purchasing an additional 33,840 shares during the period. Finally, Pictet Asset Management Holding SA boosted its holdings in Mueller Industries by 19.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 16,079 shares of the industrial products company's stock worth $1,276,000 after acquiring an additional 2,569 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Trading Up 2.1%

Mueller Industries stock traded up $1.77 during mid-day trading on Monday, hitting $85.11. The company had a trading volume of 175,930 shares, compared to its average volume of 1,025,689. The stock's 50 day moving average price is $80.86 and its two-hundred day moving average price is $78.62. Mueller Industries, Inc. has a 12 month low of $62.74 and a 12 month high of $96.81. The company has a market capitalization of $9.42 billion, a PE ratio of 13.50 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly 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. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%. The firm's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio is 15.87%.

Insiders Place Their Bets

In related news, Director Terry Hermanson sold 10,000 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the sale, the director owned 100,082 shares in the company, valued at approximately $7,440,095.88. This represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hansen sold 3,130 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $78.07, for a total value of $244,359.10. Following the completion of the sale, the director owned 93,914 shares of the company's stock, valued at approximately $7,331,865.98. The trade was a 3.23% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Mueller Industries Company Profile

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.