Westside Investment Management Inc. Purchases New Shares in Mueller Industries, Inc. (NYSE:MLI)

Westside Investment Management Inc. purchased a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 554 shares of the industrial products company’s stock, valued at approximately $41,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new position in shares of Mueller Industries during the second quarter worth approximately $26,000. Federated Hermes Inc. bought a new position in Mueller Industries in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC lifted its holdings in Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after buying an additional 146 shares in the last quarter. Larson Financial Group LLC boosted its position in Mueller Industries by 61.7% in the 2nd quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after buying an additional 369 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Mueller Industries in the 3rd quarter valued at $64,000. Institutional investors own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now 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 the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total transaction 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. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $82.94 on Friday. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 16.10 and a beta of 0.99. The company has a 50 day moving average of $81.99 and a 200-day moving average of $70.42. Mueller Industries, Inc. has a one year low of $41.94 and a one year high of $96.81.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.16. The firm had revenue of $997.80 million during the quarter, compared to analyst estimates of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The business’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.20 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.96%. Mueller Industries’s dividend payout ratio is presently 15.53%.

Wall Street Analyst Weigh In

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Wednesday.

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.