Mueller Industries, Inc. $MLI Stock Purchased by Narwhal Capital Management

by · The Markets Daily

Narwhal Capital Management boosted its position in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 78.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 93,543 shares of the industrial products company’s stock after purchasing an additional 41,062 shares during the period. Narwhal Capital Management’s holdings in Mueller Industries were worth $5,670,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MLI. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Mueller Industries in the 2nd quarter worth $29,000. Arlington Trust Co LLC bought a new position in Mueller Industries during the second quarter valued at about $30,000. Alpine Bank Wealth Management bought a new position in Mueller Industries during the third quarter valued at about $25,000. Activest Wealth Management boosted its stake in Mueller Industries by 80.4% during the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock valued at $26,000 after buying an additional 189 shares in the last quarter. Finally, Trust Co. of Vermont acquired a new position in Mueller Industries during the second quarter worth about $56,000. 94.50% of the stock is owned by institutional investors.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the sale, the director directly owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hansen sold 2,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $55.40, for a total transaction of $110,800.00. Following the sale, the director directly owned 179,078 shares of the company’s stock, valued at $9,920,921.20. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.30% of the company’s stock.

Mueller Industries Stock Performance

NYSE MLI opened at $55.03 on Wednesday. The stock has a market capitalization of $11.99 billion, a P/E ratio of 14.11 and a beta of 1.01. Mueller Industries, Inc. has a 1 year low of $52.00 and a 1 year high of $71.12. The business’s fifty day moving average is $59.15 and its two-hundred day moving average is $61.86.

Mueller Industries (NYSE:MLI – Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The industrial products company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the company posted $1.88 EPS. Mueller Industries’s revenue was up 31.6% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a $0.1750 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. Mueller Industries’s dividend payout ratio (DPR) is currently 17.95%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MLI shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, October 15th. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Finally, Freedom Broker lowered their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Three investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $75.50.

Get Our Latest Stock Report on MLI

Mueller Industries Profile

(Free Report)

Mueller Industries, Inc. manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products. The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

See Also

Want to see what other hedge funds are holding MLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mueller Industries, Inc. (NYSE:MLI – Free Report).