VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $3.66 Million Investment in Mueller Industries, Inc. $MLI

Key Points

• Virginia Retirement Systems acquired 29,755 Mueller Industries shares worth approximately $3.66 million in the second quarter. Institutional investors collectively own 94.5% of MLI’s outstanding stock.
• Mueller Industries exceeded quarterly earnings expectations, reporting $1.13 in EPS versus a $1.09 consensus estimate and $1.43 billion in revenue, up 25.5% year over year.
• Insiders sold 275,444 shares worth about $18.9 million over the past 90 days, while analysts maintain a consensus “Buy” rating with an average price target of $75.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 29,755 shares of the industrial products company's stock, valued at approximately $3,658,000.

A number of other institutional investors have also recently made changes to their positions in MLI. Susquehanna Fundamental Investments LLC grew its position in shares of Mueller Industries by 60.3% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,342 shares of the industrial products company's stock valued at $11,106,000 after purchasing an additional 33,981 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of Mueller Industries in the fourth quarter worth $15,268,000. Barlow Wealth Partners LLC boosted its position in shares of Mueller Industries by 82.9% during the 2nd quarter. Barlow Wealth Partners LLC now owns 463,736 shares of the industrial products company's stock valued at $57,007,000 after acquiring an additional 210,169 shares during the last quarter. Legal & General Group Plc bought a new position in shares of Mueller Industries in the second quarter worth approximately $19,023,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Mueller Industries during the second quarter valued at approximately $9,645,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Activity

In other news, Director Scott Goldman sold 2,000 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the sale, the director owned 79,734 shares of the company's stock, valued at $5,109,354.72. This trade represents a 2.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the completion of the sale, the director owned 29,000 shares of the company's stock, valued at $1,975,770. This represents a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 275,444 shares of company stock worth $18,885,398 over the last 90 days. 2.30% of the stock is currently owned by insiders.

Mueller Industries Stock Performance

MLI opened at $63.75 on Thursday. The stock has a market capitalization of $14.10 billion, a PE ratio of 16.60 and a beta of 1.10. The stock's 50 day moving average price is $62.92 and its 200-day moving average price is $62.81. Mueller Industries, Inc. has a 52-week low of $47.63 and a 52-week high of $71.12.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the business posted $1.96 earnings per share. Mueller Industries's quarterly revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries's dividend payout ratio is currently 18.23%.

Analyst Ratings Changes

MLI has been the topic of a number of research reports. Wall Street Zen downgraded Mueller Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price target on the stock in a research note on Thursday, July 16th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $75.00.

About Mueller Industries

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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