Tidal Investments LLC Sells 1,135 Shares of Mueller Industries, Inc. (NYSE:MLI)

Tidal Investments LLC reduced its position in Mueller Industries, Inc. (NYSE:MLI) by 2.9% during the third quarter, HoldingsChannel reports. The fund owned 37,841 shares of the industrial products company’s stock after selling 1,135 shares during the quarter. Tidal Investments LLC’s holdings in Mueller Industries were worth $2,804,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in MLI. GAMMA Investing LLC increased its stake in shares of Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 146 shares in the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Mueller Industries by 2.1% during the second quarter. Miller Howard Investments Inc. NY now owns 7,188 shares of the industrial products company’s stock worth $409,000 after acquiring an additional 151 shares in the last quarter. Kapitalo Investimentos Ltda boosted its holdings in shares of Mueller Industries by 3.5% in the third quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company’s stock worth $340,000 after acquiring an additional 156 shares during the period. GM Advisory Group LLC grew its position in shares of Mueller Industries by 5.3% in the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 192 shares in the last quarter. Finally, Summit Global Investments raised its stake in shares of Mueller Industries by 1.6% during the 2nd quarter. Summit Global Investments now owns 12,844 shares of the industrial products company’s stock valued at $731,000 after purchasing an additional 204 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Wednesday, December 11th.

Insider Activity

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

Mueller Industries Trading Down 0.6 %

Shares of NYSE:MLI opened at $82.48 on Monday. The company has a 50 day moving average of $82.18 and a 200 day moving average of $70.78. The stock has a market cap of $9.38 billion, a P/E ratio of 16.02 and a beta of 0.99. Mueller Industries, Inc. has a 12 month low of $44.03 and a 12 month high of $96.81.

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

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders 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 annualized dividend and a dividend yield of 0.97%. Mueller Industries’s payout ratio is currently 15.53%.

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.