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

Narwhal Capital Management decreased its holdings in Mueller Industries, Inc. (NYSE:MLI) by 24.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 70,069 shares of the industrial products company’s stock after selling 22,793 shares during the quarter. Narwhal Capital Management owned 0.06% of Mueller Industries worth $7,085,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MLI. Norges Bank bought a new position in Mueller Industries in the 2nd quarter valued at about $127,287,000. Qube Research & Technologies Ltd acquired a new stake in shares of Mueller Industries during the second quarter worth $75,901,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Mueller Industries during the second quarter valued at $54,751,000. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Mueller Industries in the 3rd quarter valued at $51,789,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Mueller Industries in the second quarter worth about $36,974,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Mueller Industries

In related news, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the sale, the chief executive officer directly owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This trade represents a 4.47% 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 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the sale, the director owned 91,664 shares in the company, valued at approximately $9,689,801.44. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 355,234 shares of company stock worth $36,944,652. Company insiders own 2.70% of the company’s stock.

Mueller Industries Trading Up 1.9%

NYSE:MLI opened at $123.58 on Friday. The firm has a market capitalization of $13.72 billion, a PE ratio of 18.45 and a beta of 1.04. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $123.95. The firm’s fifty day simple moving average is $112.37 and its 200 day simple moving average is $99.98.

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

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Mueller Industries’s dividend payout ratio is 14.93%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average 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.