Teacher Retirement System of Texas Grows Holdings in Mueller Industries, Inc. (NYSE:MLI)

Teacher Retirement System of Texas lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 116.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 61,134 shares of the industrial products company’s stock after buying an additional 32,883 shares during the quarter. Teacher Retirement System of Texas’ holdings in Mueller Industries were worth $4,852,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MLI. Westside Investment Management Inc. acquired a new stake in Mueller Industries during the third quarter worth approximately $41,000. SBI Securities Co. Ltd. acquired a new stake in shares of Mueller Industries during the fourth quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Mueller Industries in the fourth quarter valued at $53,000. City State Bank purchased a new stake in shares of Mueller Industries in the fourth quarter valued at $58,000. Finally, GAMMA Investing LLC increased its stake in Mueller Industries by 46.7% in the fourth quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 258 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of the sale, the director now owns 56,098 shares of the company’s stock, valued at $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price target for the company in a report on Wednesday, December 11th.

Mueller Industries Stock Down 2.8 %

NYSE:MLI opened at $77.34 on Monday. The company has a market cap of $8.76 billion, a P/E ratio of 14.56 and a beta of 0.99. The firm’s 50 day moving average is $80.18 and its two-hundred day moving average is $79.39. Mueller Industries, Inc. has a fifty-two week low of $50.85 and a fifty-two week high of $96.81.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.29%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is presently 18.83%.

About Mueller Industries

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.