Sawgrass Asset Management LLC Reduces Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Sawgrass Asset Management LLC decreased its holdings in Mueller Industries, Inc. (NYSE:MLI) by 39.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,843 shares of the industrial products company’s stock after selling 2,508 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Mueller Industries were worth $305,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Warren Street Wealth Advisors LLC purchased a new stake in Mueller Industries in the fourth quarter worth $208,000. Van ECK Associates Corp lifted its stake in Mueller Industries by 28.0% in the fourth quarter. Van ECK Associates Corp now owns 93,090 shares of the industrial products company’s stock worth $7,388,000 after acquiring an additional 20,386 shares during the period. Four Tree Island Advisory LLC purchased a new stake in Mueller Industries in the fourth quarter worth $19,376,000. Legacy Financial Strategies LLC purchased a new position in Mueller Industries during the fourth quarter valued at $272,000. Finally, Entropy Technologies LP purchased a new position in Mueller Industries during the fourth quarter valued at $532,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction 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 $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the transaction, the director now owns 56,098 shares of the company’s stock, valued at $4,477,181.38. The trade was a 15.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Mueller Industries Trading Up 1.6 %

Shares of Mueller Industries stock opened at $80.73 on Friday. The firm has a market capitalization of $9.18 billion, a P/E ratio of 15.20 and a beta of 0.98. The business has a fifty day simple moving average of $80.33 and a two-hundred day simple moving average of $77.24. Mueller Industries, Inc. has a 12 month low of $47.46 and a 12 month high of $96.81.

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

Analyst Upgrades and Downgrades

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research 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.