Mueller Industries, Inc. $MLI Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Mueller Industries, Inc. (NYSE:MLI) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 43,142 shares of the industrial products company’s stock, valued at approximately $2,615,000.

Several other hedge funds and other institutional investors have also modified their holdings of MLI. Alpine Bank Wealth Management purchased a new stake in shares of Mueller Industries during the 3rd quarter worth about $25,000. Activest Wealth Management raised its holdings in Mueller Industries by 80.4% in the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock valued at $26,000 after buying an additional 189 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Mueller Industries in the second quarter valued at approximately $29,000. Arlington Trust Co LLC purchased a new position in Mueller Industries in the second quarter valued at approximately $30,000. Finally, Strengthening Families & Communities LLC lifted its position in Mueller Industries by 100.7% during the third quarter. Strengthening Families & Communities LLC now owns 570 shares of the industrial products company’s stock valued at $35,000 after buying an additional 286 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the sale, the director owned 79,734 shares in the company, valued at $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 274,000 shares of company stock worth $18,762,560 in the last 90 days. 2.30% of the stock is owned by company insiders.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $52.94 on Friday. Mueller Industries, Inc. has a 1-year low of $52.00 and a 1-year high of $71.12. The business has a 50-day moving average of $59.46 and a 200-day moving average of $61.98. The company has a market capitalization of $11.54 billion, a price-to-earnings ratio of 13.57 and a beta of 1.01.

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

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.