Mueller Industries, Inc. (NYSE:MLI – Get Rating) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 1,620,000 shares, an increase of 86.5% from the February 13th total of 868,400 shares. Based on an average daily volume of 324,300 shares, the days-to-cover ratio is presently 5.0 days. Currently, 2.9% of the company’s stock are short sold.
In other news, Director John B. Hansen sold 2,000 shares of the business’s stock in a transaction dated Monday, February 7th. The stock was sold at an average price of $55.36, for a total value of $110,720.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott Jay Goldman sold 2,500 shares of the business’s stock in a transaction dated Tuesday, March 1st. The shares were sold at an average price of $57.11, for a total value of $142,775.00. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Mueller Industries in the 4th quarter worth approximately $35,950,000. Barclays PLC lifted its stake in Mueller Industries by 42.8% in the 4th quarter. Barclays PLC now owns 74,347 shares of the industrial products company’s stock worth $4,413,000 after purchasing an additional 22,283 shares in the last quarter. BlackRock Inc. raised its position in shares of Mueller Industries by 1.4% during the 4th quarter. BlackRock Inc. now owns 8,715,364 shares of the industrial products company’s stock valued at $517,343,000 after buying an additional 117,135 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of Mueller Industries during the 4th quarter valued at approximately $26,000. Finally, HWG Holdings LP purchased a new stake in shares of Mueller Industries during the 4th quarter valued at approximately $766,000. 88.58% of the stock is currently owned by institutional investors and hedge funds.
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Shares of MLI opened at $55.05 on Friday. Mueller Industries has a 12 month low of $39.00 and a 12 month high of $63.07. The stock has a fifty day moving average price of $56.38 and a 200-day moving average price of $52.64. The firm has a market cap of $3.15 billion, a PE ratio of 6.67 and a beta of 1.19.
Mueller Industries (NYSE:MLI – Get Rating) last announced its quarterly earnings results on Tuesday, February 1st. The industrial products company reported $2.21 earnings per share for the quarter. Mueller Industries had a return on equity of 40.26% and a net margin of 12.43%. The company had revenue of $956.36 million for the quarter. Research analysts forecast that Mueller Industries will post 6.6 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 1st. Shareholders of record on Friday, March 18th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.82%. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, March 17th. Mueller Industries’s dividend payout ratio (DPR) is 6.30%.
About Mueller Industries (Get Rating)
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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