Mueller Industries, Inc. (NYSE:MLI) Short Interest Down 15.1% in September

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

Mueller Industries Trading Up 0.7 %

Shares of NYSE MLI opened at $72.10 on Monday. Mueller Industries has a 12 month low of $34.96 and a 12 month high of $74.47. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 14.45 and a beta of 1.03. The business has a 50-day moving average of $69.09 and a 200-day moving average of $60.73.

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

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.11%. Mueller Industries’s dividend payout ratio is presently 16.03%.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 8,000 shares of the business’s 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 directly owns 95,914 shares in the company, valued at approximately $6,449,257.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director John B. Hansen sold 8,000 shares of the company’s 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 sale, the director now directly owns 95,914 shares in the company, valued at $6,449,257.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,214,311 shares in the company, valued at $84,904,625.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,000 shares of company stock worth $7,081,770. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in MLI. International Assets Investment Management LLC bought a new position in shares of Mueller Industries during the second quarter valued at $26,000. Federated Hermes Inc. bought a new position in shares of Mueller Industries during the second quarter valued at $28,000. Opal Wealth Advisors LLC bought a new position in shares of Mueller Industries during the second quarter valued at $30,000. LifeSteps Financial Inc. bought a new position in shares of Mueller Industries during the first quarter valued at $43,000. Finally, CWM LLC boosted its position in shares of Mueller Industries by 36.9% during the first quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after buying an additional 223 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.

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.