Mueller Industries, Inc. (NYSE:MLI) Short Interest Down 21.8% in August

Key Points

• Mueller Industries experienced a significant decline in short interest, with shares sold short decreasing by 21.8% to 1.9 million shares as of August 31st.
• Institutional investors have been actively trading shares, with major firms like Cetera Investment Advisers and Nuveen Asset Management increasing their stakes significantly in the fourth quarter.
• Mueller Industries announced a quarterly dividend of $0.25, contributing to an annual yield of 1.0%, and reported earnings of $1.96 per share for the last quarter, exceeding expectations.

Mueller Industries, Inc. (NYSE:MLI - Get Free Report) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 1,900,000 shares, a decrease of 21.8% from the August 15th total of 2,430,000 shares. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.8% of the shares of the company are sold short. Currently, 1.8% of the shares of the company are sold short. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is presently 1.6 days.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the sale, the director owned 92,664 shares in the company, valued at $8,522,308.08. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mueller Industries

Hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC raised its holdings in shares of Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock worth $25,000 after buying an additional 168 shares in the last quarter. Brooklyn Investment Group raised its holdings in shares of Mueller Industries by 267.3% in the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock worth $29,000 after buying an additional 278 shares in the last quarter. Rise Advisors LLC acquired a new stake in Mueller Industries during the 1st quarter valued at $30,000. Employees Retirement System of Texas acquired a new stake in Mueller Industries during the 2nd quarter valued at $34,000. Finally, Wayfinding Financial LLC acquired a new stake in Mueller Industries during the 1st quarter valued at $34,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Up 1.3%

Mueller Industries stock traded up $1.33 during trading hours on Monday, hitting $100.99. The stock had a trading volume of 776,785 shares, compared to its average volume of 846,499. The company has a 50-day moving average of $92.20 and a two-hundred day moving average of $82.24. The company has a market cap of $11.18 billion, a PE ratio of 16.03 and a beta of 1.04. Mueller Industries has a fifty-two week low of $66.84 and a fifty-two week high of $101.33.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, beating the consensus estimate of $1.62 by $0.34. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The company's revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.0%. Mueller Industries's dividend payout ratio is 15.87%.

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.