Mueller Industries, Inc. (NYSE:MLI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Mueller Industries, Inc. (NYSE:MLI) by 13.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,613,407 shares of the industrial products company’s stock after selling 420,594 shares during the quarter. Allspring Global Investments Holdings LLC owned 2.30% of Mueller Industries worth $208,367,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MLI. New York State Common Retirement Fund lifted its position in shares of Mueller Industries by 20.4% during the 3rd quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock valued at $30,056,000 after acquiring an additional 68,633 shares during the period. State Street Corp raised its holdings in Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock worth $329,830,000 after purchasing an additional 139,406 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Mueller Industries by 1,322.6% during the third quarter. Farther Finance Advisors LLC now owns 8,436 shares of the industrial products company’s stock worth $625,000 after purchasing an additional 7,843 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Mueller Industries in the fourth quarter valued at $300,000. Finally, Merit Financial Group LLC purchased a new position in shares of Mueller Industries in the fourth quarter valued at $287,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity at Mueller Industries

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 stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the transaction, the director now directly owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

MLI stock opened at $80.90 on Wednesday. The stock’s 50 day moving average price is $80.28 and its 200 day moving average price is $77.20. The firm has a market cap of $9.20 billion, a P/E ratio of 15.23 and a beta of 0.98. Mueller Industries, Inc. has a 1 year low of $47.46 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI) last posted 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 return on equity of 22.97% and a net margin of 16.05%.

Wall Street Analyst Weigh In

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

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.