Federated Hermes Inc. Reduces Stock Position in Mueller Industries, Inc. $MLI

Federated Hermes Inc. cut its stake in Mueller Industries, Inc. (NYSE:MLI) by 63.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,307 shares of the industrial products company’s stock after selling 18,003 shares during the quarter. Federated Hermes Inc.’s holdings in Mueller Industries were worth $1,042,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in 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 worth $232,900,000 after purchasing an additional 77,330 shares during the period. LSV Asset Management lifted its holdings in shares of Mueller Industries by 0.9% in the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after buying an additional 16,757 shares in the last quarter. Norges Bank bought a new position in shares of Mueller Industries in the second quarter valued at approximately $127,287,000. Qube Research & Technologies Ltd purchased a new position in Mueller Industries during the second quarter valued at approximately $75,901,000. Finally, AQR Capital Management LLC increased its holdings in Mueller Industries by 56.1% during the 2nd quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company’s stock worth $73,017,000 after acquiring an additional 330,374 shares during the period. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Up 0.6%

Shares of NYSE MLI opened at $115.33 on Friday. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $139.29. The firm has a market capitalization of $12.80 billion, a price-to-earnings ratio of 16.79 and a beta of 1.03. The business has a 50-day moving average of $121.00 and a 200-day moving average of $106.24.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, February 3rd. The industrial products company reported $1.39 earnings per share 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 company had revenue of $962.39 million during the quarter, compared to analysts’ expectations of $928.00 million. During the same period in the prior year, the business earned $1.21 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,234 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the sale, the director owned 41,745 shares in the company, valued at approximately $4,535,176.80. This trade represents a 9.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

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

Mueller Industries Company 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.