Merit Financial Group LLC Boosts Holdings in Mueller Industries, Inc. $MLI

Merit Financial Group LLC lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 298.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,691 shares of the industrial products company’s stock after buying an additional 8,005 shares during the period. Merit Financial Group LLC’s holdings in Mueller Industries were worth $1,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in MLI. Employees Retirement System of Texas acquired a new stake in Mueller Industries during the second quarter worth $34,000. Root Financial Partners LLC purchased a new position in shares of Mueller Industries during the 3rd quarter worth $38,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 261 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Mueller Industries in the 3rd quarter valued at about $46,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in Mueller Industries in the 3rd quarter valued at about $47,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Shares of MLI stock opened at $118.78 on Wednesday. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $139.29. The company has a 50 day moving average price of $122.20 and a 200 day moving average price of $108.33. The stock has a market capitalization of $13.19 billion, a P/E ratio of 17.29 and a beta of 1.03.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $116.71, for a total value of $116,710.00. Following the sale, the director owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This trade represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the transaction, the director directly owned 41,645 shares of the company’s stock, valued at approximately $4,954,505.65. This represents a 9.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,664 shares of company stock worth $1,103,729 in the last ninety days. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

About Mueller Industries

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.