State of Tennessee Department of Treasury Cuts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

State of Tennessee Department of Treasury reduced its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 37.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,937 shares of the industrial products company's stock after selling 25,516 shares during the period. State of Tennessee Department of Treasury's holdings in Mueller Industries were worth $3,407,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. William Blair Investment Management LLC acquired a new position in Mueller Industries in the fourth quarter valued at $201,376,000. Norges Bank acquired a new position in shares of Mueller Industries during the fourth quarter valued at about $117,351,000. Invesco Ltd. raised its holdings in shares of Mueller Industries by 50.3% during the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after purchasing an additional 933,498 shares during the period. FMR LLC raised its holdings in shares of Mueller Industries by 79.2% during the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock valued at $151,712,000 after purchasing an additional 845,031 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Mueller Industries by 5.6% during the fourth quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock valued at $493,217,000 after purchasing an additional 327,479 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of the sale, the director now directly owns 56,098 shares of the company's stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.70% of the stock is currently owned by insiders.

Mueller Industries Stock Performance

Shares of NYSE MLI traded down $0.02 during trading on Thursday, hitting $73.54. 574,884 shares of the company traded hands, compared to its average volume of 890,724. Mueller Industries, Inc. has a fifty-two week low of $53.53 and a fifty-two week high of $96.81. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 13.85 and a beta of 0.96. The business's fifty day moving average is $76.18 and its 200 day moving average is $79.82.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.08. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.36%. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date was Friday, March 14th. Mueller Industries's dividend payout ratio is presently 18.21%.

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.