Vestcor Inc Trims Holdings in Mueller Industries, Inc. $MLI

Vestcor Inc lowered its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 44.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,571 shares of the industrial products company’s stock after selling 13,435 shares during the period. Vestcor Inc’s holdings in Mueller Industries were worth $1,675,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Mueller Industries in the third quarter valued at about $87,000. Inceptionr LLC acquired a new stake in shares of Mueller Industries during the third quarter worth about $757,000. PFG Advisors purchased a new position in shares of Mueller Industries during the third quarter worth about $731,000. Riggs Asset Managment Co. Inc. acquired a new position in Mueller Industries in the 3rd quarter valued at about $7,158,000. Finally, Natixis Advisors LLC increased its position in Mueller Industries by 264.7% in the 3rd quarter. Natixis Advisors LLC now owns 112,731 shares of the industrial products company’s stock valued at $11,398,000 after acquiring an additional 81,819 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Trading Down 0.3%

Shares of MLI opened at $113.87 on Thursday. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $139.29. The stock’s 50 day moving average is $122.83 and its two-hundred day moving average is $111.23. The firm has a market capitalization of $12.64 billion, a PE ratio of 16.58 and a beta of 1.04.

Mueller Industries Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen downgraded Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy”.

Insiders Place Their Bets

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

Mueller Industries 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.