Narwhal Capital Management Acquires 16,010 Shares of Mueller Industries, Inc. (NYSE:MLI)

Narwhal Capital Management grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 53.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 45,846 shares of the industrial products company’s stock after purchasing an additional 16,010 shares during the period. Narwhal Capital Management’s holdings in Mueller Industries were worth $3,638,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MLI. GAMMA Investing LLC boosted its position in shares of Mueller Industries by 36.0% during the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after buying an additional 146 shares during the last quarter. Westside Investment Management Inc. purchased a new position in Mueller Industries during the 3rd quarter worth $41,000. City State Bank bought a new stake in shares of Mueller Industries in the 4th quarter worth $58,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Mueller Industries in the third quarter valued at about $64,000. Finally, Quarry LP lifted its position in shares of Mueller Industries by 525.5% during the second quarter. Quarry LP now owns 1,301 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 1,093 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Trading Down 1.3 %

Shares of Mueller Industries stock opened at $80.78 on Monday. The business’s fifty day simple moving average is $81.57 and its 200 day simple moving average is $75.92. Mueller Industries, Inc. has a 12 month low of $47.11 and a 12 month high of $96.81. The firm has a market capitalization of $9.19 billion, a P/E ratio of 15.68 and a beta of 1.00.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Friday, December 6th. Mueller Industries’s dividend payout ratio (DPR) is currently 15.53%.

Analysts Set New Price Targets

Separately, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research report on Wednesday, December 11th.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the completion of the transaction, the director now directly owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the sale, the director now owns 94,914 shares in the company, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Mueller Industries Company 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.