Principal Financial Group Inc. Has $24.85 Million Stock Holdings in Mueller Industries, Inc. $MLI

Principal Financial Group Inc. cut its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 2.0% during the 3rd quarter, Holdings Channel reports. The fund owned 245,761 shares of the industrial products company’s stock after selling 5,028 shares during the period. Principal Financial Group Inc.’s holdings in Mueller Industries were worth $24,849,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Root Financial Partners LLC bought a new position in Mueller Industries in the third quarter worth approximately $38,000. Employees Retirement System of Texas bought a new position in shares of Mueller Industries in the 2nd quarter worth $34,000. Northwestern Mutual Wealth Management Co. grew its position in Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 261 shares during the period. True Wealth Design LLC grew its position in Mueller Industries by 5,691.7% in the 3rd quarter. True Wealth Design LLC now owns 695 shares of the industrial products company’s stock valued at $70,000 after purchasing an additional 683 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in Mueller Industries during the 2nd quarter valued at $79,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Up 2.5%

Shares of NYSE MLI opened at $118.10 on Friday. The company has a market capitalization of $13.11 billion, a PE ratio of 17.19 and a beta of 1.03. The stock’s 50 day moving average price is $121.16 and its 200-day moving average price is $106.62. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $139.29.

Mueller Industries (NYSE:MLI) last issued 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 business had revenue of $962.39 million for the quarter, compared to analysts’ expectations of $928.00 million. During the same period in the previous year, the business posted $1.21 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday. 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 MarketBeat, the company currently has an average rating of “Buy”.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries 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 directly owned 41,745 shares in the company, valued at $4,535,176.80. The trade was a 9.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is owned by insiders.

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.