Mueller Industries, Inc. (NYSE:MLI) Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 109.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,839 shares of the industrial products company's stock after acquiring an additional 120,610 shares during the period. California Public Employees Retirement System owned about 0.20% of Mueller Industries worth $10,884,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MLI. Allspring Global Investments Holdings LLC grew its stake in Mueller Industries by 90.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,039,933 shares of the industrial products company's stock valued at $237,633,000 after purchasing an additional 2,399,862 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Mueller Industries by 194.4% in the 4th quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company's stock worth $135,938,000 after buying an additional 1,903,745 shares during the last quarter. Gates Capital Management Inc. grew its stake in Mueller Industries by 53.4% in the third quarter. Gates Capital Management Inc. now owns 1,196,744 shares of the industrial products company's stock worth $89,947,000 after purchasing an additional 416,700 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Mueller Industries by 98.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,872 shares of the industrial products company's stock valued at $30,359,000 after buying an additional 320,187 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in Mueller Industries by 140.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 303,303 shares of the industrial products company's stock worth $14,140,000 after purchasing an additional 177,133 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MLI. Northcoast Research restated a "neutral" rating on shares of Mueller Industries in a research note on Friday, January 19th. StockNews.com downgraded shares of Mueller Industries from a "buy" rating to a "hold" rating in a research report on Monday, January 22nd.

Insider Activity

In related news, Director John B. Hansen sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now owns 18,000 shares of the company's stock, valued at $887,940. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Jeffrey Andrew Martin sold 47,280 shares of the business's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the completion of the transaction, the chief financial officer now directly owns 370,840 shares in the company, valued at approximately $18,263,870. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hansen sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the sale, the director now owns 18,000 shares in the company, valued at approximately $887,940. The disclosure for this sale can be found here. Insiders sold 108,716 shares of company stock valued at $5,806,311 in the last quarter. 2.80% of the stock is currently owned by insiders.

Mueller Industries Stock Performance

Shares of NYSE:MLI traded up $0.79 during trading on Thursday, reaching $56.88. 493,723 shares of the stock traded hands, compared to its average volume of 684,734. The stock has a 50-day moving average of $52.91 and a two-hundred day moving average of $47.49. Mueller Industries, Inc. has a 52-week low of $34.96 and a 52-week high of $59.59. The stock has a market cap of $6.46 billion, a P/E ratio of 11.24 and a beta of 1.08.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%. The firm had revenue of $732.38 million for the quarter.

Mueller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $0.20 per share. This is an increase from Mueller Industries's previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Thursday, March 14th. Mueller Industries's payout ratio is currently 16.03%.

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.