State of New Jersey Common Pension Fund D Trims Position in Mueller Industries, Inc. (NYSE:MLI)

State of New Jersey Common Pension Fund D cut its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 37.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,864 shares of the industrial products company’s stock after selling 23,958 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Mueller Industries were worth $2,270,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Miller Howard Investments Inc. NY increased its holdings in Mueller Industries by 2.1% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 7,188 shares of the industrial products company’s stock worth $409,000 after purchasing an additional 151 shares during the period. Summit Global Investments increased its stake in shares of Mueller Industries by 1.6% during the second quarter. Summit Global Investments now owns 12,844 shares of the industrial products company’s stock valued at $731,000 after buying an additional 204 shares during the period. CWM LLC raised its holdings in shares of Mueller Industries by 36.9% in the first quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 223 shares in the last quarter. Burney Co. lifted its stake in Mueller Industries by 0.8% in the second quarter. Burney Co. now owns 29,652 shares of the industrial products company’s stock worth $1,688,000 after acquiring an additional 236 shares during the period. Finally, Orion Portfolio Solutions LLC grew its holdings in Mueller Industries by 0.7% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,845 shares of the industrial products company’s stock worth $1,771,000 after acquiring an additional 240 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the sale, the chief executive officer now directly owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the sale, the chief executive officer now owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 8,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $67.24, for a total value of $537,920.00. Following the completion of the sale, the director now directly owns 95,914 shares of the company’s stock, valued at approximately $6,449,257.36. The disclosure for this sale can be found here. Insiders have sold 103,000 shares of company stock worth $7,081,770 over the last quarter. Insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

NYSE:MLI opened at $73.67 on Friday. The firm has a 50-day simple moving average of $67.73 and a 200-day simple moving average of $59.66. Mueller Industries, Inc. has a one year low of $34.96 and a one year high of $73.74. The firm has a market cap of $8.37 billion, a P/E ratio of 14.22 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. The company had revenue of $997.75 million during the quarter. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, September 6th. Mueller Industries’s payout ratio is currently 16.03%.

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.