Mueller Industries, Inc. (NYSE:MLI) Short Interest Update

Mueller Industries, Inc. (NYSE:MLI) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 473,000 shares, a drop of 8.4% from the September 30th total of 516,200 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily volume of 208,600 shares, the short-interest ratio is presently 2.3 days.

In other Mueller Industries news, CEO Gregory L. Christopher sold 14,992 shares of Mueller Industries stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $32.01, for a total value of $479,893.92. Following the completion of the transaction, the chief executive officer now directly owns 532,666 shares in the company, valued at $17,050,638.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory L. Christopher sold 3,713 shares of Mueller Industries stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $32.00, for a total value of $118,816.00. Following the completion of the transaction, the chief executive officer now owns 528,953 shares of the company’s stock, valued at $16,926,496. The disclosure for this sale can be found here. Insiders sold 49,775 shares of company stock valued at $1,516,285 over the last quarter. Insiders own 3.30% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Systematic Financial Management LP raised its holdings in shares of Mueller Industries by 20.0% during the third quarter. Systematic Financial Management LP now owns 389,275 shares of the industrial products company’s stock valued at $11,164,000 after buying an additional 64,781 shares during the last quarter. Eqis Capital Management Inc. raised its holdings in shares of Mueller Industries by 26.9% during the third quarter. Eqis Capital Management Inc. now owns 12,327 shares of the industrial products company’s stock valued at $354,000 after buying an additional 2,616 shares during the last quarter. Mason Street Advisors LLC raised its holdings in shares of Mueller Industries by 1.8% during the third quarter. Mason Street Advisors LLC now owns 19,241 shares of the industrial products company’s stock valued at $552,000 after buying an additional 339 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Mueller Industries by 96.6% during the third quarter. First Trust Advisors LP now owns 483,009 shares of the industrial products company’s stock valued at $13,853,000 after buying an additional 237,292 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Mueller Industries by 14.3% during the third quarter. California Public Employees Retirement System now owns 143,860 shares of the industrial products company’s stock valued at $4,126,000 after buying an additional 18,003 shares during the last quarter. 91.01% of the stock is currently owned by institutional investors.

MLI stock traded down $0.54 during midday trading on Monday, reaching $31.05. The company had a trading volume of 131,500 shares, compared to its average volume of 223,412. The company has a quick ratio of 1.84, a current ratio of 2.96 and a debt-to-equity ratio of 0.73. The stock has a 50 day moving average price of $29.71 and a 200 day moving average price of $28.51. Mueller Industries has a fifty-two week low of $21.49 and a fifty-two week high of $34.24. The firm has a market capitalization of $1.80 billion, a PE ratio of 16.69 and a beta of 1.38.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.08. The company had revenue of $608.60 million for the quarter. Mueller Industries had a return on equity of 20.22% and a net margin of 4.07%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period last year, the firm posted $0.35 EPS. Research analysts predict that Mueller Industries will post 1.52 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.29%. Mueller Industries’s dividend payout ratio (DPR) is presently 21.51%.

A number of equities analysts have commented on the company. Zacks Investment Research downgraded Mueller Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. ValuEngine downgraded Mueller Industries from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 17th. Finally, TheStreet upgraded Mueller Industries from a “c+” rating to a “b-” rating in a research note on Thursday, November 7th.

Mueller Industries Company Profile

Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.

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