D.A. Davidson & CO. Increases Holdings in Mueller Industries, Inc. $MLI

D.A. Davidson & CO. grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 47.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,154 shares of the industrial products company’s stock after buying an additional 1,988 shares during the quarter. D.A. Davidson & CO.’s holdings in Mueller Industries were worth $489,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC raised its position in shares of Mueller Industries by 103.1% during the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock valued at $25,000 after buying an additional 168 shares in the last quarter. Brooklyn Investment Group grew its holdings in Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 278 shares during the last quarter. Rise Advisors LLC bought a new position in Mueller Industries during the 1st quarter valued at about $30,000. Wayfinding Financial LLC bought a new position in Mueller Industries during the 1st quarter valued at about $34,000. Finally, Maseco LLP bought a new position in Mueller Industries during the 2nd quarter valued at about $40,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of MLI stock opened at $104.80 on Thursday. The company has a market capitalization of $11.63 billion, a P/E ratio of 15.64 and a beta of 1.02. The company’s 50-day simple moving average is $99.09 and its two-hundred day simple moving average is $86.78. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $106.55.

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

Wall Street Analyst Weigh In

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

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction dated 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 in the company, valued at $9,689,801.44. This represents a 1.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregory L. Christopher sold 158,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 1,119,241 shares in the company, valued at approximately $116,759,221.12. This represents a 12.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 352,000 shares of company stock worth $36,576,640 over the last 90 days. 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.