Narwhal Capital Management Has $6.71 Million Stake in Mueller Industries, Inc. (NYSE:MLI)

Narwhal Capital Management grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 92.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 88,173 shares of the industrial products company's stock after purchasing an additional 42,327 shares during the period. Narwhal Capital Management owned about 0.08% of Mueller Industries worth $6,713,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MLI. New Age Alpha Advisors LLC bought a new stake in Mueller Industries during the fourth quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Mueller Industries during the 1st quarter worth approximately $40,000. Quarry LP acquired a new stake in shares of Mueller Industries during the 4th quarter worth approximately $45,000. SBI Securities Co. Ltd. bought a new position in Mueller Industries in the fourth quarter valued at approximately $47,000. Finally, Point72 Hong Kong Ltd bought a new position in Mueller Industries in the fourth quarter valued at approximately $53,000. 94.50% of the stock is owned by institutional investors.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 16,483 shares of Mueller Industries stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the sale, the director now directly owns 39,615 shares of the company's stock, valued at approximately $2,910,117.90. This trade represents a 29.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Terry Hermanson sold 10,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total value of $743,400.00. Following the sale, the director now owns 100,082 shares in the company, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,613 shares of company stock valued at $2,198,600 in the last quarter. Insiders own 2.70% of the company's stock.

Mueller Industries Stock Down 0.4%

Shares of MLI stock traded down $0.33 during trading hours on Wednesday, reaching $77.20. The company's stock had a trading volume of 750,080 shares, compared to its average volume of 969,829. Mueller Industries, Inc. has a fifty-two week low of $55.20 and a fifty-two week high of $96.81. The firm's 50 day simple moving average is $75.44 and its 200-day simple moving average is $77.87. The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 14.06 and a beta of 1.03.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.08. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Friday, June 6th. Mueller Industries's dividend payout ratio is 18.21%.

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.