Mueller Industries, Inc. (NYSE:MLI) Sees Large Drop in Short Interest

Mueller Industries, Inc. (NYSE:MLI) was the recipient of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 3,820,000 shares, a decrease of 15.1% from the August 31st total of 4,500,000 shares. Based on an average daily volume of 794,300 shares, the short-interest ratio is presently 4.8 days.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 8,000 shares of Mueller Industries stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $67.24, for a total value of $537,920.00. Following the sale, the director now owns 95,914 shares of the company’s stock, valued at approximately $6,449,257.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John B. Hansen sold 8,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $67.24, for a total transaction of $537,920.00. Following the completion of the transaction, the director now directly owns 95,914 shares in the company, valued at $6,449,257.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,000 shares of company stock valued at $7,081,770. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Mueller Industries by 0.5% during the first quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock worth $666,524,000 after acquiring an additional 59,060 shares in the last quarter. TD Asset Management Inc lifted its stake in Mueller Industries by 91.2% in the 4th quarter. TD Asset Management Inc now owns 89,300 shares of the industrial products company’s stock valued at $4,210,000 after purchasing an additional 42,600 shares during the last quarter. Congress Asset Management Co. MA grew its holdings in Mueller Industries by 100.5% during the fourth quarter. Congress Asset Management Co. MA now owns 200,898 shares of the industrial products company’s stock worth $9,472,000 after purchasing an additional 100,696 shares during the period. Perpetual Ltd increased its position in Mueller Industries by 9.8% during the first quarter. Perpetual Ltd now owns 174,952 shares of the industrial products company’s stock worth $9,435,000 after buying an additional 15,547 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Mueller Industries by 95.7% in the fourth quarter. Franklin Resources Inc. now owns 48,304 shares of the industrial products company’s stock valued at $2,278,000 after buying an additional 23,618 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Trading Up 0.7 %

Shares of MLI opened at $72.10 on Friday. The stock has a market capitalization of $8.19 billion, a price-to-earnings ratio of 14.45 and a beta of 1.03. Mueller Industries has a 12 month low of $34.96 and a 12 month high of $74.47. The firm has a fifty day simple moving average of $69.09 and a 200 day simple moving average of $60.67.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.12. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%. The company had revenue of $997.75 million during the quarter.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Friday, September 6th. Mueller Industries’s dividend payout ratio (DPR) is 16.03%.

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.