Westover Capital Advisors LLC Has $1.29 Million Holdings in Mueller Industries, Inc. $MLI

Westover Capital Advisors LLC lessened its holdings in Mueller Industries, Inc. (NYSE:MLI) by 10.0% during the 2nd quarter, Holdings Channel reports. The firm owned 16,210 shares of the industrial products company’s stock after selling 1,805 shares during the period. Westover Capital Advisors LLC’s holdings in Mueller Industries were worth $1,288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Brooklyn Investment Group boosted its stake in Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 278 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Mueller Industries during the 1st quarter valued at $30,000. Maseco LLP acquired a new position in shares of Mueller Industries in the 2nd quarter valued at $40,000. Dagco Inc. bought a new position in shares of Mueller Industries in the 1st quarter worth $77,000. Finally, Ridgewood Investments LLC acquired a new stake in shares of Mueller Industries during the first quarter worth $78,000. 94.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $105.00.

Insider Activity at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 158,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the transaction, the chief executive officer directly owned 1,119,241 shares of the company’s stock, valued at $116,759,221.12. The trade was a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the sale, the director owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. This represents a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 351,000 shares of company stock valued at $36,484,670 over the last quarter. 2.70% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Performance

Shares of MLI stock opened at $104.79 on Tuesday. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $109.90. The company’s 50 day moving average price is $102.08 and its two-hundred day moving average price is $90.08. The company has a market capitalization of $11.63 billion, a P/E ratio of 15.64 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. During the same period in the prior year, the firm posted $1.48 earnings per share. The company’s revenue was up 8.0% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.

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.