State of Alaska Department of Revenue Sells 31,717 Shares of Mueller Industries, Inc. (NYSE:MLI)

State of Alaska Department of Revenue lowered its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 49.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,970 shares of the industrial products company's stock after selling 31,717 shares during the quarter. State of Alaska Department of Revenue's holdings in Mueller Industries were worth $2,616,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock valued at $41,000 after buying an additional 146 shares in the last quarter. Westside Investment Management Inc. purchased a new stake in shares of Mueller Industries during the 3rd quarter valued at about $41,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Mueller Industries during the 4th quarter valued at about $53,000. City State Bank purchased a new stake in shares of Mueller Industries during the 4th quarter valued at about $58,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Mueller Industries during the 3rd quarter valued at about $64,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE MLI traded up $0.61 during mid-day trading on Friday, hitting $81.23. 880,993 shares of the company's stock traded hands, compared to its average volume of 734,050. The company's 50-day moving average is $80.38 and its two-hundred day moving average is $77.32. The company has a market capitalization of $9.24 billion, a P/E ratio of 15.30 and a beta of 0.98. Mueller Industries, Inc. has a 1 year low of $47.46 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data 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 net margin of 16.05% and a return on equity of 22.97%.

Insider Buying and Selling

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the transaction, the director now directly owns 17,733 shares in the company, valued at $1,632,145.32. This represents a 45.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Jay Goldman sold 10,000 shares of the company's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the transaction, the director now owns 56,098 shares in the company, valued at $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. 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 upgraded shares of 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.

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.