Vestcor Inc Acquires 4,181 Shares of Mueller Industries, Inc. (NYSE:MLI)

Vestcor Inc increased its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 13.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,460 shares of the industrial products company's stock after purchasing an additional 4,181 shares during the period. Vestcor Inc's holdings in Mueller Industries were worth $2,776,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new position in shares of Mueller Industries in the 1st quarter valued at $719,000. Federated Hermes Inc. lifted its position in Mueller Industries by 145.1% during the 1st quarter. Federated Hermes Inc. now owns 28,849 shares of the industrial products company's stock worth $2,197,000 after buying an additional 17,078 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in shares of Mueller Industries by 1,539.7% in the 1st quarter. Picton Mahoney Asset Management now owns 102,549 shares of the industrial products company's stock valued at $7,807,000 after purchasing an additional 96,295 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Mueller Industries by 146.0% in the 1st quarter. Mackenzie Financial Corp now owns 8,852 shares of the industrial products company's stock valued at $674,000 after purchasing an additional 5,254 shares during the period. Finally, Ridgewood Investments LLC bought a new stake in shares of Mueller Industries in the 1st quarter valued at about $78,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Activity at Mueller Industries

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

Mueller Industries Price Performance

Mueller Industries stock traded down $2.01 during trading hours on Friday, hitting $83.36. The company had a trading volume of 1,050,374 shares, compared to its average volume of 963,215. The firm has a market cap of $9.23 billion, a PE ratio of 13.23 and a beta of 1.02. Mueller Industries, Inc. has a one year low of $62.74 and a one year high of $96.81. The firm has a 50-day moving average of $80.86 and a 200 day moving average of $78.66.

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, topping analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. The company's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently declared 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. The ex-dividend date is Friday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Mueller Industries's dividend payout ratio (DPR) is currently 15.87%.

Mueller Industries 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.