61,800 Shares in Mueller Industries, Inc. $MLI Acquired by ING Groep NV

ING Groep NV bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) in the third quarter, HoldingsChannel.com reports. The firm bought 61,800 shares of the industrial products company’s stock, valued at approximately $6,249,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of MLI. Allspring Global Investments Holdings LLC boosted its stake in shares of Mueller Industries by 3.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock worth $232,900,000 after buying an additional 77,330 shares during the last quarter. LSV Asset Management lifted its holdings in Mueller Industries by 0.9% in the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after acquiring an additional 16,757 shares during the period. Norges Bank bought a new position in Mueller Industries in the second quarter valued at about $127,287,000. Qube Research & Technologies Ltd purchased a new position in Mueller Industries in the second quarter worth about $75,901,000. Finally, AQR Capital Management LLC grew its stake in shares of Mueller Industries by 56.1% during the 2nd quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company’s stock valued at $73,017,000 after purchasing an additional 330,374 shares during the period. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following the completion of the transaction, the director directly owned 90,664 shares in the company, valued at $10,581,395.44. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Jay Goldman sold 4,234 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the completion of the sale, the director directly owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. This trade represents a 9.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MLI shares. Weiss Ratings reaffirmed 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 report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy”.

Mueller Industries Stock Down 1.3%

NYSE MLI opened at $119.06 on Friday. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $139.29. The company has a market capitalization of $13.22 billion, a P/E ratio of 17.33 and a beta of 1.03. The stock’s 50-day moving average price is $121.75 and its 200-day moving average price is $107.35.

Mueller Industries Company Profile

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.