Mueller Industries, Inc. $MLI Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its position in Mueller Industries, Inc. (NYSE:MLI) by 2.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,600 shares of the industrial products company’s stock after selling 600 shares during the period. State of Michigan Retirement System’s holdings in Mueller Industries were worth $2,114,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. D.A. Davidson & CO. purchased a new position in Mueller Industries in the first quarter valued at approximately $317,000. OneDigital Investment Advisors LLC acquired a new stake in shares of Mueller Industries in the first quarter worth $272,000. Envestnet Asset Management Inc. raised its stake in shares of Mueller Industries by 134.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 290,573 shares of the industrial products company’s stock valued at $22,124,000 after acquiring an additional 166,637 shares during the period. TD Private Client Wealth LLC raised its stake in shares of Mueller Industries by 218.7% in the 1st quarter. TD Private Client Wealth LLC now owns 8,747 shares of the industrial products company’s stock valued at $666,000 after acquiring an additional 6,002 shares during the period. Finally, Alps Advisors Inc. lifted its holdings in shares of Mueller Industries by 7.0% during the 1st quarter. Alps Advisors Inc. now owns 148,727 shares of the industrial products company’s stock valued at $11,324,000 after acquiring an additional 9,710 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated 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, Mueller Industries has a consensus rating of “Buy” and an average target price of $105.00.

Mueller Industries Trading Down 1.3%

Shares of MLI stock opened at $106.54 on Friday. The firm has a fifty day simple moving average of $100.54 and a 200-day simple moving average of $88.13. The company has a market capitalization of $11.83 billion, a PE ratio of 15.90 and a beta of 1.04. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $109.48.

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

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the sale, the director owned 91,664 shares in the company, valued at $9,689,801.44. This trade represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $103.42, for a total value of $5,171,000.00. Following the sale, the chief executive officer owned 1,069,241 shares in the company, valued at $110,580,904.22. This represents a 4.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 352,000 shares of company stock worth $36,576,640. Corporate insiders own 2.70% of the company’s stock.

Mueller Industries 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.