Vestcor Inc Decreases Stock Holdings in Mueller Industries, Inc. $MLI

Vestcor Inc reduced its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 44.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,571 shares of the industrial products company’s stock after selling 13,435 shares during the quarter. Vestcor Inc’s holdings in Mueller Industries were worth $1,675,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. JFS Wealth Advisors LLC grew its holdings in shares of Mueller Industries by 121.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 138 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in Mueller Industries by 228.7% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 215 shares during the last quarter. Root Financial Partners LLC acquired a new position in Mueller Industries during the third quarter worth $38,000. Employees Retirement System of Texas purchased a new stake in Mueller Industries during the second quarter worth $34,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Mueller Industries during the third quarter worth $46,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MLI has been the subject of a number of research analyst reports. Wall Street Zen cut Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy”.

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the transaction, the director owned 41,645 shares of the company’s stock, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by company insiders.

Mueller Industries Stock Performance

MLI stock opened at $113.87 on Thursday. The stock’s 50 day moving average price is $122.83 and its 200 day moving average price is $111.23. The firm has a market cap of $12.64 billion, a P/E ratio of 16.58 and a beta of 1.04. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $139.29.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.35 dividend. This is an increase from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, March 13th. Mueller Industries’s dividend payout ratio (DPR) is currently 14.56%.

Mueller Industries Company Profile

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.