Envestnet Asset Management Inc. Boosts Stock Position in Mueller Industries, Inc. $MLI

Envestnet Asset Management Inc. grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 7.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 312,110 shares of the industrial products company’s stock after buying an additional 21,537 shares during the period. Envestnet Asset Management Inc. owned 0.28% of Mueller Industries worth $24,803,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Brooklyn Investment Group boosted its holdings in Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 278 shares in the last quarter. Rise Advisors LLC bought a new stake in shares of Mueller Industries during the 1st quarter valued at $30,000. Wayfinding Financial LLC bought a new position in Mueller Industries in the 1st quarter worth $34,000. Maseco LLP bought a new position in shares of Mueller Industries in the second quarter worth about $40,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Mueller Industries in the first quarter worth about $76,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Up 2.0%

MLI opened at $108.03 on Tuesday. The stock’s fifty day moving average is $99.89 and its two-hundred day moving average is $87.60. The company has a market capitalization of $11.99 billion, a P/E ratio of 16.12 and a beta of 1.02. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $108.12.

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 the consensus estimate of $1.99 by ($0.11). The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.48 earnings per share.

Insiders Place Their Bets

In other news, CEO Gregory L. Christopher sold 158,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total value of $16,482,560.00. Following the transaction, the chief executive officer directly owned 1,119,241 shares in the company, valued at approximately $116,759,221.12. This trade represents a 12.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the transaction, the director owned 91,664 shares in the company, valued at $9,689,801.44. This represents a 1.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 352,000 shares of company stock worth $36,576,640 over the last quarter. Company insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued 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, the company has an average rating of “Buy” and an average target price of $105.00.

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.