Retirement Systems of Alabama Raises Stock Holdings in Mueller Industries, Inc. $MLI

Retirement Systems of Alabama raised its position in Mueller Industries, Inc. (NYSE:MLI) by 33.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 200,406 shares of the industrial products company’s stock after buying an additional 50,609 shares during the quarter. Retirement Systems of Alabama owned approximately 0.18% of Mueller Industries worth $15,926,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Total Wealth Planning & Management Inc. lifted its stake in Mueller Industries by 2.5% in the second quarter. Total Wealth Planning & Management Inc. now owns 5,948 shares of the industrial products company’s stock valued at $473,000 after buying an additional 144 shares during the last quarter. Contravisory Investment Management Inc. lifted its stake in Mueller Industries by 6.2% in the second quarter. Contravisory Investment Management Inc. now owns 2,611 shares of the industrial products company’s stock valued at $207,000 after buying an additional 152 shares during the last quarter. Rowlandmiller & PARTNERS.ADV raised its stake in shares of Mueller Industries by 3.4% during the second quarter. Rowlandmiller & PARTNERS.ADV now owns 5,560 shares of the industrial products company’s stock worth $442,000 after purchasing an additional 185 shares during the last quarter. Hohimer Wealth Management LLC raised its stake in shares of Mueller Industries by 4.4% during the first quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company’s stock worth $340,000 after purchasing an additional 187 shares during the last quarter. Finally, Harbour Investments Inc. raised its stake in shares of Mueller Industries by 0.4% during the second quarter. Harbour Investments Inc. now owns 53,140 shares of the industrial products company’s stock worth $4,223,000 after purchasing an additional 187 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $105.00.

Mueller Industries Price Performance

Mueller Industries stock opened at $105.96 on Friday. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $107.74. The business has a 50 day simple moving average of $99.62 and a 200-day simple moving average of $87.23. The stock has a market capitalization of $11.76 billion, a PE ratio of 15.81 and a beta of 1.02.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 EPS.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the transaction, the director owned 91,664 shares in the company, valued at approximately $9,689,801.44. This represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 158,000 shares of the stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total value of $16,482,560.00. Following the completion of the transaction, the chief executive officer owned 1,119,241 shares of the company’s stock, valued at $116,759,221.12. The trade was a 12.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 352,000 shares of company stock valued at $36,576,640 in the last quarter. 2.70% of the stock is currently owned by company insiders.

Mueller Industries Company 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.