Sawgrass Asset Management LLC Sells 2,508 Shares of Mueller Industries, Inc. (NYSE:MLI)

Sawgrass Asset Management LLC trimmed its stake in Mueller Industries, Inc. (NYSE:MLI) by 39.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,843 shares of the industrial products company’s stock after selling 2,508 shares during the period. Sawgrass Asset Management LLC’s holdings in Mueller Industries were worth $305,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. New York State Common Retirement Fund increased its position in shares of Mueller Industries by 20.4% in 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% in the third 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 increased its position in shares of 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 worth $625,000 after purchasing an additional 7,843 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Mueller Industries in the fourth quarter worth approximately $300,000. Finally, Merit Financial Group LLC bought a new position in Mueller Industries during the fourth quarter valued at approximately $287,000. 94.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $80.73 on Friday. Mueller Industries, Inc. has a one year low of $47.46 and a one year high of $96.81. The firm’s 50 day simple moving average is $80.33 and its two-hundred day simple moving average is $77.24. The stock has a market capitalization of $9.18 billion, a P/E ratio of 15.20 and a beta of 0.98.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS 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%.

About Mueller Industries

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.