Allianz Asset Management GmbH Sells 223,736 Shares of Mueller Industries, Inc. $MLI

Allianz Asset Management GmbH lessened its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 35.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. 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’s holdings in Mueller Industries were worth $41,122,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MLI. Atlantic Union Bankshares Corp acquired a new position in Mueller Industries during the 3rd quarter worth about $46,000. State of Wyoming raised its position in shares of Mueller Industries by 3.2% during the third quarter. State of Wyoming now owns 6,884 shares of the industrial products company’s stock worth $696,000 after acquiring an additional 213 shares during the last quarter. Convergence Investment Partners LLC bought a new position in shares of Mueller Industries during the third quarter worth about $513,000. Ballast Asset Management LP acquired a new position in shares of Mueller Industries in the third quarter worth approximately $3,057,000. Finally, UMB Bank n.a. boosted its holdings in Mueller Industries by 2.2% in the third quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock valued at $545,000 after acquiring an additional 115 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at approximately $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

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

Mueller Industries Stock Performance

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

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 3rd. The industrial products company reported $1.39 EPS for the quarter, missing the consensus estimate 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 business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the business earned $1.21 EPS.

About Mueller Industries

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.