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

Mueller Industries, Inc. (NYSE:MLI) saw a large decline in short interest during 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 daily volume of 794,300 shares, the days-to-cover ratio is currently 4.8 days.

Insider Activity at Mueller Industries

In other news, CEO Gregory L. Christopher sold 45,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total transaction of $3,047,850.00. Following the completion of the transaction, the chief executive officer now directly owns 1,264,311 shares in the company, valued at $85,631,784.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Gregory L. Christopher sold 45,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $67.73, for a total value of $3,047,850.00. Following the completion of the transaction, the chief executive officer now owns 1,264,311 shares of the company’s stock, valued at $85,631,784.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the transaction, the chief executive officer now owns 1,214,311 shares of the company’s stock, valued at approximately $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 valued at $7,081,770. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Mueller Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC bought a new position in Mueller Industries during the fourth quarter valued at about $584,000. Franklin Resources Inc. raised 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. US Bancorp DE lifted its stake in Mueller Industries by 661.9% in the fourth quarter. US Bancorp DE now owns 17,380 shares of the industrial products company’s stock valued at $819,000 after purchasing an additional 15,099 shares during the last quarter. Orion Portfolio Solutions LLC grew its holdings in Mueller Industries by 130.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 32,605 shares of the industrial products company’s stock valued at $1,500,000 after purchasing an additional 18,472 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its position in Mueller Industries by 100.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the industrial products company’s stock worth $47,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Trading Up 0.7 %

NYSE:MLI traded up $0.50 on Friday, reaching $72.10. 651,989 shares of the stock traded hands, compared to its average volume of 711,290. Mueller Industries has a 1-year low of $34.96 and a 1-year high of $74.47. The company’s 50 day moving average is $69.09 and its 200-day moving average is $60.60. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 14.45 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. The firm 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 company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend was Friday, September 6th. Mueller Industries’s dividend payout ratio is currently 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.