Kestra Investment Management LLC Raises Position in Mueller Industries, Inc. (NYSE:MLI)

Kestra Investment Management LLC increased its holdings in Mueller Industries, Inc. (NYSE:MLI) by 7.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,045 shares of the industrial products company’s stock after purchasing an additional 218 shares during the period. Kestra Investment Management LLC’s holdings in Mueller Industries were worth $242,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its stake in shares of Mueller Industries by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company’s stock valued at $274,000 after acquiring an additional 174 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Mueller Industries by 2.0% in the fourth quarter. Sanctuary Advisors LLC now owns 13,636 shares of the industrial products company’s stock valued at $1,092,000 after purchasing an additional 263 shares during the period. Monument Capital Management increased its position in Mueller Industries by 7.6% during the fourth quarter. Monument Capital Management now owns 4,692 shares of the industrial products company’s stock worth $372,000 after purchasing an additional 332 shares during the last quarter. Principal Securities Inc. raised its stake in Mueller Industries by 48.2% during the fourth quarter. Principal Securities Inc. now owns 1,135 shares of the industrial products company’s stock worth $90,000 after purchasing an additional 369 shares during the period. Finally, Congress Asset Management Co. boosted its holdings in shares of Mueller Industries by 6.5% in the 4th quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company’s stock valued at $16,081,000 after purchasing an additional 12,450 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a research report on Wednesday, December 11th.

Mueller Industries Price Performance

NYSE MLI opened at $81.57 on Thursday. Mueller Industries, Inc. has a 1-year low of $47.46 and a 1-year high of $96.81. The firm has a market capitalization of $9.28 billion, a P/E ratio of 15.36 and a beta of 0.98. The business’s 50-day simple moving average is $80.44 and its 200-day simple moving average is $77.64.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the transaction, the director now directly owns 56,098 shares of the company’s stock, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.80% of the company’s stock.

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.