22,960 Mueller Industries, Inc. $MLI Shares Acquired by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund raised its holdings in Mueller Industries, Inc. (NYSE:MLI) by 100.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 45,820 shares of the industrial products company’s stock after acquiring an additional 22,960 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Mueller Industries were worth $2,777,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MLI. BlackRock Inc. acquired a new position in shares of Mueller Industries during the 2nd quarter worth about $1,437,555,000. First Trust Advisors LP increased its position in shares of Mueller Industries by 0.6% in the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after acquiring an additional 33,248 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Mueller Industries during the second quarter worth about $244,156,000. Bank of New York Mellon Corp bought a new stake in Mueller Industries during the second quarter worth about $131,286,000. Finally, Jupiter Topco LLC bought a new stake in Mueller Industries during the second quarter worth about $95,120,000. 94.50% of the stock is owned by institutional investors.

Insider Activity

In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the transaction, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 274,000 shares of company stock valued at $18,762,560. 2.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MLI. Freedom Broker decreased their price target on Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Wall Street Zen upgraded Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $75.50.

Mueller Industries Price Performance

MLI stock traded up $0.50 during trading hours on Friday, reaching $52.94. The stock had a trading volume of 1,969,311 shares, compared to its average volume of 1,710,259. The stock has a market capitalization of $11.54 billion, a PE ratio of 13.57 and a beta of 1.01. The stock has a 50-day simple moving average of $59.46 and a 200 day simple moving average of $61.98. Mueller Industries, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $71.12.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, October 20th. The industrial products company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08). The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.28 billion. Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The business’s revenue was up 31.6% on a year-over-year basis. During the same period last year, the business earned $1.88 EPS.

Mueller Industries Profile

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.