43,142 Shares of Mueller Industries, Inc. $MLI Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a position in Mueller Industries, buying 43,142 shares worth about $2.6 million in the third quarter. Institutional investors collectively own 94.5% of the company’s shares.
• Mueller reported quarterly EPS of $1.00, below the $1.08 consensus estimate, while revenue rose 31.6% year over year to $1.42 billion and exceeded estimates.
• Analysts’ average rating is “Buy,” with an average price target of $75.50. Insiders sold 274,000 shares worth about $18.8 million over the past quarter.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 43,142 shares of the industrial products company's stock, valued at approximately $2,615,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MLI. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $29,000. Arlington Trust Co LLC acquired a new stake in Mueller Industries during the second quarter worth approximately $30,000. Alpine Bank Wealth Management acquired a new stake in Mueller Industries during the third quarter worth approximately $25,000. Activest Wealth Management grew its stake in Mueller Industries by 80.4% in the 3rd quarter. Activest Wealth Management now owns 424 shares of the industrial products company's stock worth $26,000 after acquiring an additional 189 shares during the period. Finally, Trust Co. of Vermont purchased a new stake in Mueller Industries in the 2nd quarter worth approximately $56,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of MLI stock opened at $52.94 on Friday. The firm has a market cap of $11.54 billion, a P/E ratio of 13.57 and a beta of 1.01. Mueller Industries, Inc. has a 1-year low of $52.00 and a 1-year high of $71.12. The firm's 50-day simple moving average is $59.46 and its 200-day simple moving average is $61.98.

Mueller Industries (NYSE:MLI - Get Free Report) last released its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08). Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the business posted $1.88 earnings per share. Mueller Industries's revenue was up 31.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MLI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Thursday, October 15th. Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective on the stock in a report on Thursday, July 16th. Wall Street Zen raised Mueller Industries from a "hold" rating to a "buy" rating in a research report on Sunday, November 1st. Finally, Freedom Broker dropped their target price on Mueller Industries from $80.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Three 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 price target of $75.50.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 2,000 shares of Mueller Industries stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $55.40, for a total value of $110,800.00. Following the transaction, the director owned 179,078 shares in the company, valued at $9,920,921.20. This trade represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the transaction, the chief executive officer owned 1,598,850 shares in the company, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 274,000 shares of company stock valued at $18,762,560. Insiders own 2.30% of the company's stock.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.

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