Congress Asset Management Co. Boosts Holdings in Mueller Industries, Inc. (NYSE:MLI)

Congress Asset Management Co. increased its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 6.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 202,636 shares of the industrial products company's stock after buying an additional 12,450 shares during the quarter. Congress Asset Management Co. owned about 0.18% of Mueller Industries worth $16,081,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MLI. New York State Common Retirement Fund increased its position in Mueller Industries by 20.4% during the third quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company's stock worth $30,056,000 after purchasing an additional 68,633 shares during the last quarter. State Street Corp increased its position in shares of Mueller Industries by 3.2% during the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock worth $329,830,000 after purchasing an additional 139,406 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Mueller Industries by 1,322.6% in the third quarter. Farther Finance Advisors LLC now owns 8,436 shares of the industrial products company's stock valued at $625,000 after buying an additional 7,843 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Mueller Industries during the fourth quarter valued at about $300,000. Finally, Merit Financial Group LLC purchased a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $287,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of the company'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 transaction of $798,100.00. Following the sale, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.80% of the company's stock.

Mueller Industries Stock Down 1.3 %

NYSE MLI traded down $1.03 during trading on Thursday, hitting $80.58. The stock had a trading volume of 658,980 shares, compared to its average volume of 727,466. The company has a market capitalization of $9.17 billion, a PE ratio of 15.18 and a beta of 0.98. The firm has a 50 day moving average price of $80.44 and a 200 day moving average price of $77.64. Mueller Industries, Inc. has a twelve month low of $47.46 and a twelve month high of $96.81.

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

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.