State of New Jersey Common Pension Fund D Sells 7,321 Shares of Mueller Industries, Inc. (NYSE:MLI)

State of New Jersey Common Pension Fund D reduced its position in shares of Mueller Industries, Inc. (NYSE:MLI – Get Rating) by 16.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,266 shares of the industrial products company’s stock after selling 7,321 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Mueller Industries worth $2,156,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Mueller Industries by 0.7% during the 1st quarter. BlackRock Inc. now owns 8,779,865 shares of the industrial products company’s stock valued at $475,606,000 after purchasing an additional 64,501 shares during the period. Vanguard Group Inc. increased its position in Mueller Industries by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 6,341,321 shares of the industrial products company’s stock valued at $343,510,000 after purchasing an additional 116,393 shares during the period. Allspring Global Investments Holdings LLC increased its position in Mueller Industries by 0.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,115,963 shares of the industrial products company’s stock valued at $219,339,000 after purchasing an additional 22,162 shares during the period. Dimensional Fund Advisors LP increased its position in Mueller Industries by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,996,509 shares of the industrial products company’s stock valued at $108,155,000 after purchasing an additional 25,778 shares during the period. Finally, State Street Corp grew its position in shares of Mueller Industries by 2.6% in the 2nd quarter. State Street Corp now owns 1,910,450 shares of the industrial products company’s stock worth $101,808,000 after buying an additional 48,755 shares during the period. 89.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Mueller Industries in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 20th. The shares were sold at an average price of $63.13, for a total value of $63,130.00. Following the transaction, the director now owns 56,885 shares in the company, valued at approximately $3,591,150.05. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.90% of the stock is currently owned by company insiders.

Mueller Industries Price Performance

NYSE:MLI opened at $66.23 on Wednesday. The firm’s 50-day moving average price is $64.54 and its 200-day moving average price is $62.93. The company has a market capitalization of $3.75 billion, a PE ratio of 5.82 and a beta of 1.13. Mueller Industries, Inc. has a 1-year low of $49.42 and a 1-year high of $70.43.

Mueller Industries (NYSE:MLI – Get Rating) last released its earnings results on Tuesday, October 18th. The industrial products company reported $2.74 earnings per share for the quarter. The firm had revenue of $944.83 million for the quarter. Mueller Industries had a net margin of 15.88% and a return on equity of 44.00%.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, December 2nd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Thursday, December 1st. Mueller Industries’s payout ratio is 8.79%.

Mueller Industries Company Profile

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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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.