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

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MLI. Creative Planning grew its stake in Mueller Industries by 36.5% in the third quarter. Creative Planning now owns 40,081 shares of the industrial products company’s stock valued at $2,970,000 after purchasing an additional 10,714 shares during the last quarter. Blue Trust Inc. grew its stake in Mueller Industries by 36.3% in the third quarter. Blue Trust Inc. now owns 5,178 shares of the industrial products company’s stock valued at $384,000 after purchasing an additional 1,378 shares during the last quarter. Raymond James & Associates grew its stake in Mueller Industries by 6.9% in the third quarter. Raymond James & Associates now owns 65,848 shares of the industrial products company’s stock valued at $4,879,000 after purchasing an additional 4,226 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in Mueller Industries by 12.3% in the third quarter. Sequoia Financial Advisors LLC now owns 5,394 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 592 shares during the last quarter. Finally, Narwhal Capital Management grew its stake in Mueller Industries by 114.2% in the third quarter. Narwhal Capital Management now owns 29,836 shares of the industrial products company’s stock valued at $2,211,000 after purchasing an additional 15,904 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $82.24 on Wednesday. The company has a market cap of $9.35 billion, a PE ratio of 15.49 and a beta of 0.98. The business has a 50-day simple moving average of $80.49 and a two-hundred day simple moving average of $77.61. Mueller Industries, Inc. has a fifty-two week low of $47.46 and a fifty-two week 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 for the quarter, topping the consensus estimate 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 related news, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the completion of the sale, the director now owns 17,733 shares of the company’s stock, valued at $1,632,145.32. The trade was a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the sale, the director now directly owns 56,098 shares of the company’s stock, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

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

Mueller Industries 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.