The New York State Common Retirement Fund has decreased its holdings in Mueller Water Products (NYSE: MWA) by 13.5% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the fund now owns 170,096 shares of the industrial products company after selling 26,541 shares in the period. This reduction brings the fund’s total investment to approximately $4.09 million, equating to about 0.11% of Mueller Water Products.
Several other major investors have also adjusted their positions in the company. Notably, Vanguard Group Inc. increased its stake by 16.8% in the first quarter, acquiring an additional 2,840,895 shares. This brings Vanguard’s total ownership to 19,795,482 shares, valued at $503.2 million.
Nuveen LLC has taken a new position worth $61.5 million in Mueller Water Products during the same period. Fuller & Thaler Asset Management Inc. notably grew its holdings by 66.2%, now owning 5,401,086 shares valued at $137.3 million after purchasing an additional 2,152,096 shares. Invesco Ltd. and Geode Capital Management LLC also raised their stakes, indicating strong institutional interest. Currently, institutional investors and hedge funds own approximately 91.68% of the company’s stock.
Stock Performance and Dividends
On Monday, the stock price of Mueller Water Products opened at $24.58. The company maintains a debt-to-equity ratio of 0.46 and a current ratio of 3.54, reflecting its financial stability. Over the past year, the stock has fluctuated between a low of $21.35 and a high of $28.58. With a market capitalization of $3.84 billion, the company has a price-to-earnings (PE) ratio of 20.31 and a beta of 1.17.
Recently, Mueller Water Products announced a quarterly dividend of $0.07 per share, which was paid on November 20, 2023. Shareholders who were on record by November 10 received this dividend, representing an annual yield of 1.1%. This dividend payout marks an increase from previous distributions, with the company’s dividend payout ratio currently at 23.14%.
Insider Transactions and Ratings
In recent insider activity, Director Brian C. Healy purchased 1,070 shares of Mueller Water Products on October 7, 2023, for a total of $27,584.60. This acquisition increased his holdings to 16,800 shares, valued at approximately $433,104. Conversely, Senior Vice President Todd P. Helms sold 15,094 shares on December 4, 2023, for about $371,614, reducing his stake to 85,917 shares valued at approximately $2.12 million.
Analysts have offered mixed ratings for the stock. Weiss Ratings reaffirmed a “buy” rating in a note issued on October 8, 2023. Currently, one analyst has rated the stock as a Buy, while two others have given it a Hold rating. The consensus rating stands at “Hold,” with an average price target of $29.00.
Mueller Water Products, based in the United States, specializes in manufacturing and marketing products for the transmission, distribution, and measurement of water. Its operations are segmented into Water Flow Solutions and Water Management Solutions, with a presence in both domestic and international markets.
