Allianz Asset Management GmbH Has $41.12 Million Stake in Mueller Industries, Inc. $MLI

Allianz Asset Management GmbH lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 35.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 406,705 shares of the industrial products company’s stock after selling 223,736 shares during the period. Allianz Asset Management GmbH owned 0.37% of Mueller Industries worth $41,122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MLI. Ballast Asset Management LP bought a new stake in Mueller Industries during the third quarter worth about $3,057,000. Entropy Technologies LP acquired a new position in shares of Mueller Industries in the 2nd quarter valued at approximately $658,000. Ariose Capital Management Ltd bought a new stake in shares of Mueller Industries during the 3rd quarter worth approximately $3,904,000. Janney Montgomery Scott LLC boosted its position in shares of Mueller Industries by 21.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company’s stock worth $1,981,000 after acquiring an additional 4,370 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new position in Mueller Industries in the third quarter valued at approximately $1,503,000. 94.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the sale, the director directly owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. This trade represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $115.33 on Friday. The company’s 50 day moving average price is $121.00 and its two-hundred day moving average price is $106.24. The firm has a market capitalization of $12.80 billion, a P/E ratio of 16.79 and a beta of 1.03. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $139.29.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 3rd. The industrial products company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.28). Mueller Industries had a net margin of 18.31% and a return on equity of 24.70%. The firm had revenue of $962.39 million during the quarter, compared to the consensus estimate of $928.00 million. During the same quarter in the previous year, the company posted $1.21 earnings per share. The firm’s revenue was up 4.2% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy”.

Mueller Industries Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.