Merit Financial Group LLC Grows Holdings in Mueller Industries, Inc. $MLI

Merit Financial Group LLC grew its position in Mueller Industries, Inc. (NYSE:MLI) by 298.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,691 shares of the industrial products company’s stock after acquiring an additional 8,005 shares during the period. Merit Financial Group LLC’s holdings in Mueller Industries were worth $1,081,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Employees Retirement System of Texas acquired a new position in Mueller Industries in the 2nd quarter worth about $34,000. Root Financial Partners LLC purchased a new stake in shares of Mueller Industries in the third quarter valued at approximately $38,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after buying an additional 261 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of Mueller Industries during the 3rd quarter valued at approximately $46,000. Finally, Abich Financial Wealth Management LLC acquired a new stake in Mueller Industries in the 3rd quarter valued at $47,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Trading Down 0.6%

NYSE:MLI opened at $118.78 on Wednesday. The company has a market cap of $13.19 billion, a P/E ratio of 17.29 and a beta of 1.03. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $139.29. The company’s 50-day moving average price is $122.20 and its 200-day moving average price is $108.33.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the sale, the director directly owned 41,645 shares of the company’s stock, valued at $4,954,505.65. This trade represents a 9.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Monday, February 9th. The stock was sold at an average price of $116.71, for a total value of $116,710.00. Following the transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This represents a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 9,664 shares of company stock valued at $1,103,729 over the last 90 days. Company insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MLI shares. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy”.

About Mueller Industries

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.