Jennison Associates LLC Purchases 874 Shares of Mueller Industries, Inc. $MLI

Jennison Associates LLC lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 5.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,977 shares of the industrial products company’s stock after acquiring an additional 874 shares during the period. Jennison Associates LLC’s holdings in Mueller Industries were worth $1,349,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in MLI. Brooklyn Investment Group lifted its holdings in shares of Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 278 shares during the period. Rise Advisors LLC bought a new stake in shares of Mueller Industries during the 1st quarter worth approximately $30,000. Wayfinding Financial LLC bought a new stake in shares of Mueller Industries during the 1st quarter worth approximately $34,000. Maseco LLP bought a new stake in shares of Mueller Industries during the 2nd quarter worth approximately $40,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Mueller Industries during the 1st quarter worth approximately $76,000. Institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries presently has a consensus rating of “Buy” and a consensus price target of $105.00.

Insider Activity at Mueller Industries

In other news, CEO Gregory L. Christopher sold 158,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the transaction, the chief executive officer owned 1,119,241 shares of the company’s stock, valued at approximately $116,759,221.12. This trade represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total transaction of $105,710.00. Following the transaction, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. The trade was a 1.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 352,000 shares of company stock valued at $36,576,640. 2.70% of the stock is owned by insiders.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $105.96 on Friday. The company has a market cap of $11.76 billion, a price-to-earnings ratio of 15.81 and a beta of 1.02. The firm has a 50 day simple moving average of $99.62 and a 200 day simple moving average of $87.23. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $107.74.

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

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.