VIRGINIA RETIREMENT SYSTEMS ET Al Has $59.09 Million Stock Holdings in Mueller Industries, Inc. $MLI

Key Points

• Virginia Retirement Systems cut its Mueller Industries stake by 25.4% in the fourth quarter, but still held 514,755 shares worth about $59.1 million at quarter-end.
• Mueller Industries reported strong quarterly results, posting EPS of $2.16 versus the $1.49 consensus and revenue of $1.19 billion, up 19.3% year over year.
• The company also announced a quarterly dividend of $0.35 per share, while insider selling included a large stock sale by CEO Gregory L. Christopher in late April.

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 25.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 514,755 shares of the industrial products company's stock after selling 175,500 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.46% of Mueller Industries worth $59,094,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. JFS Wealth Advisors LLC raised its holdings in shares of Mueller Industries by 121.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 138 shares during the period. Activest Wealth Management bought a new stake in shares of Mueller Industries in the 4th quarter valued at about $27,000. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Mueller Industries by 228.7% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 215 shares during the period. Root Financial Partners LLC bought a new stake in shares of Mueller Industries in the 3rd quarter valued at about $38,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 261 shares during the period. 94.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MLI. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a report on Tuesday, April 21st. Wall Street Zen cut shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries has an average rating of "Buy".

Mueller Industries Trading Down 1.4%

Mueller Industries stock opened at $138.79 on Wednesday. Mueller Industries, Inc. has a 12 month low of $72.16 and a 12 month high of $141.51. The stock's 50 day moving average is $120.68 and its 200-day moving average is $118.03. The company has a market capitalization of $15.35 billion, a price-to-earnings ratio of 18.17 and a beta of 1.13.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.49 by $0.67. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the business earned $1.39 earnings per share. The firm's revenue for the quarter was up 19.3% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. Mueller Industries's dividend payout ratio is presently 18.32%.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,430 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the transaction, the director directly owned 41,645 shares of the company's stock, valued at approximately $4,954,505.65. This trade represents a 9.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gregory L. Christopher sold 103,266 shares of the firm's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the transaction, the chief executive officer directly owned 804,911 shares in the company, valued at $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.30% of the stock is currently owned by company insiders.

Mueller Industries 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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