Amalgamated Bank Grows Stake in Mueller Industries, Inc. $MLI

Amalgamated Bank boosted its position in Mueller Industries, Inc. (NYSE:MLI) by 3.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,957 shares of the industrial products company’s stock after purchasing an additional 1,964 shares during the period. Amalgamated Bank’s holdings in Mueller Industries were worth $4,129,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. D.A. Davidson & CO. acquired a new stake in Mueller Industries during the 1st quarter valued at $317,000. Envestnet Asset Management Inc. grew its holdings in Mueller Industries by 134.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 290,573 shares of the industrial products company’s stock valued at $22,124,000 after buying an additional 166,637 shares during the last quarter. GAMMA Investing LLC grew its holdings in Mueller Industries by 40.7% during the 1st quarter. GAMMA Investing LLC now owns 1,140 shares of the industrial products company’s stock valued at $87,000 after buying an additional 330 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in Mueller Industries by 218.7% during the 1st quarter. TD Private Client Wealth LLC now owns 8,747 shares of the industrial products company’s stock valued at $666,000 after buying an additional 6,002 shares during the last quarter. Finally, Harbour Investments Inc. grew its holdings in Mueller Industries by 34.3% during the 1st quarter. Harbour Investments Inc. now owns 52,953 shares of the industrial products company’s stock valued at $4,032,000 after buying an additional 13,520 shares during the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the sale, the chief executive officer owned 1,069,241 shares in the company, valued at $110,580,904.22. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the sale, the director owned 91,664 shares in the company, valued at $9,689,801.44. This trade represents a 1.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 352,000 shares of company stock worth $36,576,640 in the last 90 days. Insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $105.00.

Mueller Industries Stock Up 0.5%

MLI stock opened at $105.96 on Monday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $107.74. The stock’s fifty day simple moving average is $99.62 and its 200-day simple moving average is $87.34. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 15.81 and a beta of 1.02.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. During the same quarter last year, the business earned $1.48 EPS. Mueller Industries’s revenue for the quarter was up 8.0% compared to the same quarter last year.

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.