State of Alaska Department of Revenue Trims Stock Position in Mueller Industries, Inc. (NYSE:MLI)

State of Alaska Department of Revenue lowered its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 49.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,970 shares of the industrial products company’s stock after selling 31,717 shares during the quarter. State of Alaska Department of Revenue’s holdings in Mueller Industries were worth $2,616,000 as of its most recent filing with the Securities & Exchange Commission.

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

Mueller Industries Price Performance

Shares of MLI opened at $80.39 on Tuesday. Mueller Industries, Inc. has a 1 year low of $47.46 and a 1 year high of $96.81. The company has a 50 day simple moving average of $80.24 and a two-hundred day simple moving average of $77.12. The firm has a market cap of $9.14 billion, a P/E ratio of 15.14 and a beta of 0.98.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating 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%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Mueller Industries

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction that occurred on 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.

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.