Mueller Industries, Inc. (NYSE:MLI) Sees Significant Decline in Short Interest

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Mueller Industries, Inc. (NYSE:MLI) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 492,300 shares, a decline of 11.7% from the May 30th total of 557,600 shares. Based on an average trading volume of 222,300 shares, the short-interest ratio is currently 2.2 days. Approximately 0.9% of the shares of the company are sold short.

In related news, Director Scott Jay Goldman purchased 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average price of $27.35 per share, for a total transaction of $31,452.50. Following the transaction, the director now directly owns 12,450 shares of the company’s stock, valued at approximately $340,507.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.30% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in MLI. Anderson Fisher LLC purchased a new stake in Mueller Industries in the 1st quarter valued at approximately $103,000. Public Employees Retirement System of Ohio boosted its stake in shares of Mueller Industries by 8.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 7,935 shares of the industrial products company’s stock worth $185,000 after acquiring an additional 627 shares in the last quarter. Convergence Investment Partners LLC purchased a new stake in shares of Mueller Industries during the 1st quarter worth approximately $198,000. Amalgamated Bank purchased a new stake in shares of Mueller Industries during the 4th quarter worth approximately $208,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Mueller Industries during the 1st quarter worth approximately $216,000. 92.00% of the stock is currently owned by institutional investors.

MLI traded up $0.09 during trading on Friday, reaching $28.09. The company’s stock had a trading volume of 363,839 shares, compared to its average volume of 215,130. Mueller Industries has a 52-week low of $21.49 and a 52-week high of $34.24. The firm has a fifty day moving average of $28.28. The company has a market capitalization of $1.59 billion, a P/E ratio of 15.10 and a beta of 1.36. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.56 and a quick ratio of 1.99.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.29). Mueller Industries had a net margin of 3.87% and a return on equity of 19.32%. The business had revenue of $661.80 million during the quarter. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, research analysts anticipate that Mueller Industries will post 1.45 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Thursday, June 6th. Mueller Industries’s dividend payout ratio is presently 21.51%.

Separately, Zacks Investment Research lowered Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th.

Mueller Industries Company Profile

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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