Allspring Global Investments Holdings LLC Cuts Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Allspring Global Investments Holdings LLC trimmed its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 13.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,613,407 shares of the industrial products company’s stock after selling 420,594 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Mueller Industries were worth $208,367,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MLI. GAMMA Investing LLC increased its stake in Mueller Industries by 36.0% during the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 146 shares during the last quarter. Kapitalo Investimentos Ltda lifted its position in Mueller Industries by 3.5% during the third quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company’s stock valued at $340,000 after buying an additional 156 shares in the last quarter. GM Advisory Group LLC increased its position in shares of Mueller Industries by 5.3% in the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 192 shares in the last quarter. Caprock Group LLC raised its stake in shares of Mueller Industries by 2.3% in the 4th quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company’s stock valued at $674,000 after acquiring an additional 194 shares during the period. Finally, Atria Investments Inc lifted its holdings in shares of Mueller Industries by 2.5% during the 3rd quarter. Atria Investments Inc now owns 12,396 shares of the industrial products company’s stock valued at $919,000 after acquiring an additional 302 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Wednesday, December 11th.

Mueller Industries Stock Up 0.6 %

MLI opened at $80.90 on Wednesday. The firm’s 50 day moving average is $80.28 and its 200-day moving average is $77.20. Mueller Industries, Inc. has a 52-week low of $47.46 and a 52-week high of $96.81. The firm has a market capitalization of $9.20 billion, a P/E ratio of 15.23 and a beta of 0.98.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Insider Buying and Selling

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the sale, the director now directly owns 17,733 shares of the company’s stock, valued at $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.80% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.