41,062 Mueller Industries, Inc. $MLI Shares Bought by Narwhal Capital Management

Narwhal Capital Management grew its holdings in Mueller Industries, Inc. (NYSE:MLI) by 78.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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.

Several other hedge funds and other institutional investors have also modified their holdings of MLI. Engineers Gate Manager LP increased its holdings in shares of Mueller Industries by 169.1% in the 2nd quarter. Engineers Gate Manager LP now owns 35,950 shares of the industrial products company’s stock valued at $4,419,000 after purchasing an additional 22,590 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Mueller Industries during the second quarter worth approximately $3,658,000. Tidal Investments LLC boosted its holdings in shares of Mueller Industries by 106.6% during the second quarter. Tidal Investments LLC now owns 436,778 shares of the industrial products company’s stock worth $53,693,000 after purchasing an additional 225,366 shares during the period. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Mueller Industries by 60.3% during the second quarter. Susquehanna Fundamental Investments LLC now owns 90,342 shares of the industrial products company’s stock worth $11,106,000 after purchasing an additional 33,981 shares during the period. Finally, Argent Capital Management LLC grew its position in Mueller Industries by 86.7% during the third quarter. Argent Capital Management LLC now owns 42,853 shares of the industrial products company’s stock valued at $2,597,000 after purchasing an additional 19,904 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. 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 report on Thursday, October 22nd. Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating in a research report on Sunday, November 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Finally, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 16th. Three investment analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $75.50.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $55.03 on Wednesday. The business’s 50-day moving average price is $59.15 and its two-hundred day moving average price is $61.86. Mueller Industries, Inc. has a one year low of $52.00 and a one year high of $71.12. The company has a market capitalization of $11.99 billion, a P/E ratio of 14.11 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.08). Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the company earned $1.88 earnings per share. The business’s revenue for the quarter was up 31.6% on a year-over-year basis.

Mueller Industries Announces Dividend

The company 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 annualized dividend and a dividend yield of 1.3%. Mueller Industries’s payout ratio is presently 17.95%.

Insider Activity at Mueller Industries

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

About Mueller Industries

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.