Convergence Investment Partners LLC Raises Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Convergence Investment Partners LLC lifted its holdings in Mueller Industries, Inc. (NYSE:MLI) by 27.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,649 shares of the industrial products company’s stock after buying an additional 4,893 shares during the quarter. Convergence Investment Partners LLC’s holdings in Mueller Industries were worth $1,797,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp lifted its stake in Mueller Industries by 3.2% during the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after acquiring an additional 139,406 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after acquiring an additional 315,490 shares in the last quarter. FMR LLC increased its holdings in Mueller Industries by 2.6% in the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after acquiring an additional 27,399 shares in the last quarter. Systematic Financial Management LP increased its holdings in Mueller Industries by 1.6% in the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock worth $69,605,000 after acquiring an additional 14,729 shares in the last quarter. Finally, Fiera Capital Corp purchased a new stake in Mueller Industries in the 3rd quarter worth approximately $35,552,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Wednesday, December 11th.

Mueller Industries Stock Performance

NYSE MLI opened at $82.24 on Wednesday. The company has a market capitalization of $9.35 billion, a P/E ratio of 15.49 and a beta of 0.98. The stock has a 50 day moving average price of $80.49 and a 200-day moving average price of $77.61. Mueller Industries, Inc. has a one year low of $47.46 and a one year high of $96.81.

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

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’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 transaction, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Mueller Industries Company Profile

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.