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Mueller Industries, Inc. (NYSE:MLI - Get Rating) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 2,460,000 shares, a drop of 10.9% from the August 31st total of 2,760,000 shares. Approximately 4.5% of the company's stock are short sold. Based on an average daily trading volume, of 312,200 shares, the days-to-cover ratio is presently 7.9 days. Insider Activity at Mueller Industries
In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $67.02, for a total value of $67,020.00. Following the completion of the sale, the director now directly owns 57,885 shares in the company, valued at $3,879,452.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.90% of the stock is currently owned by corporate insiders. Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLI. Pinebridge Investments L.P. increased its holdings in Mueller Industries by 182.5% in the second quarter. Pinebridge Investments L.P. now owns 565 shares of the industrial products company's stock valued at $30,000 after buying an additional 365 shares in the last quarter. Heritage Financial Services LLC purchased a new position in Mueller Industries in the second quarter valued at $35,000. Point72 Hong Kong Ltd purchased a new position in Mueller Industries in the second quarter valued at $40,000. Quadrant Capital Group LLC increased its stake in shares of Mueller Industries by 50.1% during the second quarter. Quadrant Capital Group LLC now owns 776 shares of the industrial products company's stock worth $41,000 after purchasing an additional 259 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of Mueller Industries by 114.2% during the second quarter. Parkside Financial Bank & Trust now owns 1,298 shares of the industrial products company's stock worth $70,000 after purchasing an additional 692 shares in the last quarter. Hedge funds and other institutional investors own 90.07% of the company's stock. Mueller Industries Price Performance
NYSE MLI opened at $59.44 on Friday. The company has a market capitalization of $3.37 billion, a PE ratio of 5.10 and a beta of 1.14. The company has a fifty day moving average of $64.21 and a 200 day moving average of $58.11. Mueller Industries has a 1 year low of $41.10 and a 1 year high of $70.38.
Mueller Industries (NYSE:MLI - Get Rating) last posted its earnings results on Tuesday, July 19th. The industrial products company reported $3.65 earnings per share (EPS) for the quarter. The company had revenue of $1.15 billion during the quarter. Mueller Industries had a net margin of 16.14% and a return on equity of 46.35%. Mueller Industries Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.68%. Mueller Industries's dividend payout ratio is presently 8.58%. Analyst Ratings Changes
Several brokerages have weighed in on MLI. Northcoast Research started coverage on shares of Mueller Industries in a research note on Monday, July 18th. They issued a "buy" rating for the company. StockNews.com downgraded shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 15th.Mueller Industries Company Profile (Get Rating)
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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.Recommended StoriesGet a free copy of the StockNews.com research report on Mueller Industries (MLI)EV Battery Maker Freyr Set For Major Global Expansion MarketBeat: Week in Review 9/26 – 9/30This Is A Memorable Time To Buy Into Micron TechnologyDeclining Profits Challenge the CarMax Value Proposition Let Paychex Stock Work Hard For You
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