Jennison Associates LLC Has $1.35 Million Holdings in Mueller Industries, Inc. $MLI

Jennison Associates LLC lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 5.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 16,977 shares of the industrial products company’s stock after purchasing an additional 874 shares during the quarter. Jennison Associates LLC’s holdings in Mueller Industries were worth $1,349,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. D.A. Davidson & CO. acquired a new stake in shares of Mueller Industries during the first quarter worth $317,000. Envestnet Asset Management Inc. increased its position in shares of Mueller Industries by 134.5% during the first quarter. Envestnet Asset Management Inc. now owns 290,573 shares of the industrial products company’s stock worth $22,124,000 after buying an additional 166,637 shares during the period. GAMMA Investing LLC increased its position in shares of Mueller Industries by 40.7% during the first quarter. GAMMA Investing LLC now owns 1,140 shares of the industrial products company’s stock worth $87,000 after buying an additional 330 shares during the period. TD Private Client Wealth LLC grew its holdings in Mueller Industries by 218.7% in the first quarter. TD Private Client Wealth LLC now owns 8,747 shares of the industrial products company’s stock worth $666,000 after purchasing an additional 6,002 shares during the period. Finally, Harbour Investments Inc. grew its holdings in Mueller Industries by 34.3% in the first quarter. Harbour Investments Inc. now owns 52,953 shares of the industrial products company’s stock worth $4,032,000 after purchasing an additional 13,520 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

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 Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the transaction, the director directly owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. This trade represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory L. Christopher sold 158,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the transaction, the chief executive officer directly owned 1,119,241 shares in the company, valued at $116,759,221.12. This trade represents a 12.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 352,000 shares of company stock worth $36,576,640 over the last ninety days. Insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Mueller Industries presently has a consensus rating of “Buy” and an average target price of $105.00.

Mueller Industries Trading Up 0.5%

NYSE:MLI opened at $105.96 on Friday. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 15.81 and a beta of 1.02. The firm has a fifty day simple moving average of $99.62 and a two-hundred day simple moving average of $87.23. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $107.74.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. During the same period last year, the business posted $1.48 earnings per share. The firm’s quarterly revenue was up 8.0% on a year-over-year basis.

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.