Insider Selling: Mueller Industries (NYSE:MLI) CEO Sells $14,725,400.00 in Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 142,000 shares of the company’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $103.70, for a total transaction of $14,725,400.00. Following the completion of the sale, the chief executive officer owned 68,000 shares of the company’s stock, valued at approximately $7,051,600. This represents a 67.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mueller Industries Stock Up 0.4%

MLI opened at $104.80 on Thursday. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $106.55. The company has a fifty day simple moving average of $99.09 and a 200 day simple moving average of $86.78. The stock has a market cap of $11.63 billion, a P/E ratio of 15.64 and a beta of 1.02.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data 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 firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. Mueller Industries’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two equities research 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.

Hedge Funds Weigh In On Mueller Industries

Several hedge funds have recently modified their holdings of the stock. Invesco Ltd. grew its holdings in shares of Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock valued at $213,160,000 after acquiring an additional 10,968 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Mueller Industries by 3.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock valued at $232,900,000 after acquiring an additional 77,330 shares in the last quarter. LSV Asset Management grew its holdings in shares of Mueller Industries by 0.9% in the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after acquiring an additional 16,757 shares in the last quarter. Norges Bank bought a new position in shares of Mueller Industries in the 2nd quarter valued at about $127,287,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Mueller Industries by 15.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock valued at $93,259,000 after acquiring an additional 166,012 shares in the last quarter. Institutional investors own 94.50% 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.