Mueller Industries (NYSE:MLI) Shares Down 4.2% - Here's What Happened

Shares of Mueller Industries, Inc. (NYSE:MLI - Get Free Report) were down 4.2% on Tuesday . The stock traded as low as $75.05 and last traded at $74.71. Approximately 320,497 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 680,129 shares. The stock had previously closed at $78.02.

Wall Street Analysts Forecast Growth

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 Trading Down 1.3 %

The stock's 50-day moving average price is $80.25 and its 200-day moving average price is $76.96. The stock has a market cap of $9.13 billion, a price-to-earnings ratio of 15.12 and a beta of 0.98.

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

Insider Buying and Selling

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of the business's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now directly owns 17,733 shares of the company's stock, valued at $1,632,145.32. The trade was a 45.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds have recently added to or reduced their stakes in MLI. GAMMA Investing LLC lifted its holdings in shares of Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock worth $41,000 after purchasing an additional 146 shares in the last quarter. Kapitalo Investimentos Ltda lifted its stake in shares of Mueller Industries by 3.5% in the third quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company's stock valued at $340,000 after buying an additional 156 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Mueller Industries by 0.5% during the fourth quarter. Arizona State Retirement System now owns 31,245 shares of the industrial products company's stock valued at $2,480,000 after buying an additional 170 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Mueller Industries by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company's stock worth $274,000 after acquiring an additional 174 shares in the last quarter. Finally, GM Advisory Group LLC raised its holdings in shares of Mueller Industries by 5.3% in the 3rd quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company's stock worth $281,000 after acquiring an additional 192 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

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.