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

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

Insider Activity at Mueller Industries

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

Hedge Funds Weigh In On Mueller Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Mueller Industries by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock worth $666,524,000 after purchasing an additional 59,060 shares during the period. TD Asset Management Inc boosted its holdings in shares of 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 worth $4,210,000 after purchasing an additional 42,600 shares during the period. Congress Asset Management Co. MA boosted its holdings in shares of Mueller Industries by 100.5% in the 4th 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 boosted its holdings in shares of Mueller Industries by 9.8% in the 1st quarter. Perpetual Ltd now owns 174,952 shares of the industrial products company’s stock worth $9,435,000 after purchasing an additional 15,547 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Mueller Industries by 95.7% in the 4th quarter. Franklin Resources Inc. now owns 48,304 shares of the industrial products company’s stock worth $2,278,000 after purchasing an additional 23,618 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Trading Up 0.7 %

Shares of 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 business’s 50 day moving average is $69.09 and its 200 day moving average is $60.73. The company has a market capitalization of $8.19 billion, a PE ratio of 14.45 and a beta of 1.03.

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

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Friday, September 6th. Mueller Industries’s payout ratio is 16.03%.

About Mueller Industries

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.