Choreo LLC Cuts Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Choreo LLC trimmed its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 36.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,548 shares of the industrial products company's stock after selling 3,221 shares during the quarter. Choreo LLC's holdings in Mueller Industries were worth $443,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Mueller Industries by 36.0% during the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 146 shares in the last quarter. Westside Investment Management Inc. acquired a new position in shares of Mueller Industries in the third quarter worth approximately $41,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Mueller Industries in the fourth quarter worth approximately $53,000. City State Bank acquired a new position in shares of Mueller Industries in the fourth quarter worth approximately $58,000. Finally, Harbor Capital Advisors Inc. acquired a new position in shares of Mueller Industries in the third quarter worth approximately $64,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Charles P. Herzog, Jr. sold 15,000 shares of the business's 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 sale, the director now owns 17,733 shares in the company, valued at $1,632,145.32. The trade was a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 56,098 shares of the company's stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective on the stock in a research note on Wednesday, December 11th.

Mueller Industries Price Performance

Shares of Mueller Industries stock traded up $0.61 during midday trading on Friday, reaching $81.23. The company had a trading volume of 880,993 shares, compared to its average volume of 729,991. The stock has a fifty day moving average price of $80.38 and a 200 day moving average price of $77.42. The firm has a market cap of $9.24 billion, a PE ratio of 15.30 and a beta of 0.98. Mueller Industries, Inc. has a fifty-two week low of $47.46 and a fifty-two week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

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.