Principal Financial Group Inc. Sells 5,028 Shares of Mueller Industries, Inc. $MLI

Principal Financial Group Inc. lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 2.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 245,761 shares of the industrial products company’s stock after selling 5,028 shares during the quarter. Principal Financial Group Inc. owned 0.22% of Mueller Industries worth $24,849,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aviance Capital Partners LLC boosted its stake in shares of Mueller Industries by 2.3% during the 3rd quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock worth $428,000 after buying an additional 97 shares during the last quarter. Covestor Ltd raised its holdings in Mueller Industries by 5.1% during the third quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock worth $218,000 after acquiring an additional 105 shares in the last quarter. UMB Bank n.a. boosted its position in Mueller Industries by 2.2% during the third quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock valued at $545,000 after purchasing an additional 115 shares during the last quarter. Wedbush Securities Inc. boosted its position in Mueller Industries by 3.9% during the second quarter. Wedbush Securities Inc. now owns 3,545 shares of the industrial products company’s stock valued at $282,000 after purchasing an additional 134 shares during the last quarter. Finally, CW Advisors LLC grew its stake in Mueller Industries by 4.0% in the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock valued at $289,000 after purchasing an additional 140 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Up 2.5%

Shares of Mueller Industries stock opened at $118.10 on Friday. The stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of 17.19 and a beta of 1.03. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $139.29. The company has a 50-day simple moving average of $121.16 and a two-hundred day simple moving average of $106.62.

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

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction on 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 owned 41,745 shares in the company, valued at $4,535,176.80. The trade was a 9.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MLI has been the topic of several analyst reports. Wall Street Zen lowered shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently 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.