NorthCrest Asset Manangement LLC Purchases Shares of 5,608 Mueller Industries, Inc. $MLI

NorthCrest Asset Manangement LLC acquired a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 5,608 shares of the industrial products company’s stock, valued at approximately $553,000.

A number of other institutional investors have also recently bought and sold shares of MLI. Employees Retirement System of Texas acquired a new position in Mueller Industries during the second quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after buying an additional 261 shares during the period. Maseco LLP purchased a new stake in Mueller Industries during the second quarter valued at about $40,000. True Wealth Design LLC grew its position in Mueller Industries by 5,691.7% during the third quarter. True Wealth Design LLC now owns 695 shares of the industrial products company’s stock valued at $70,000 after acquiring an additional 683 shares during the period. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of Mueller Industries in the 2nd quarter worth about $79,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $133.77 on Thursday. The business’s 50-day simple moving average is $115.93 and its 200 day simple moving average is $102.87. The company has a market cap of $14.85 billion, a P/E ratio of 19.97 and a beta of 1.04. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $135.08.

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

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $0.25 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 0.7%. Mueller Industries’s dividend payout ratio is 14.93%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Mueller Industries presently has an average rating of “Buy”.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total value of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at $4,535,176.80. The trade was a 9.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the sale, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 196,234 shares of company stock valued at $20,356,382. Company insiders own 2.70% of the company’s stock.

Mueller Industries Company Profile

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.