State of Michigan Retirement System Reduces Holdings in Mueller Industries, Inc. $MLI

State of Michigan Retirement System lowered its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,600 shares of the industrial products company’s stock after selling 600 shares during the period. State of Michigan Retirement System’s holdings in Mueller Industries were worth $2,114,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Total Wealth Planning & Management Inc. increased its stake in shares of Mueller Industries by 2.5% during the 2nd quarter. Total Wealth Planning & Management Inc. now owns 5,948 shares of the industrial products company’s stock worth $473,000 after purchasing an additional 144 shares in the last quarter. Contravisory Investment Management Inc. grew its holdings in Mueller Industries by 6.2% during the 2nd 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 increased its position in 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 buying an additional 185 shares in the last quarter. Hohimer Wealth Management LLC raised its holdings in shares of Mueller Industries by 4.4% in the first quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company’s stock worth $340,000 after acquiring an additional 187 shares during the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of Mueller Industries by 0.4% in the second quarter. Harbour Investments Inc. now owns 53,140 shares of the industrial products company’s stock valued at $4,223,000 after acquiring an additional 187 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Mueller Industries Stock Down 1.3%

Shares of NYSE:MLI opened at $106.54 on Friday. The company has a market cap of $11.83 billion, a P/E ratio of 15.90 and a beta of 1.04. The business has a fifty day simple moving average of $100.54 and a 200-day simple moving average of $88.13. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $109.48.

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

Insider Activity at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the transaction, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total transaction 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 trade represents a 1.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 352,000 shares of company stock worth $36,576,640 over the last three months. Corporate insiders own 2.70% of the company’s stock.

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.