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

Mueller Industries, Inc. (NYSE:MLI) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 4,044,056 shares, an increase of 107.9% from the June 30th total of 1,945,162 shares. Based on an average trading volume of 1,952,083 shares, the short-interest ratio is presently 2.1 days. Currently, 1.9% of the shares of the company are short sold.

Analyst Ratings Changes

MLI has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, July 16th. Finally, Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries has an average rating of “Buy” and an average price target of $75.00.

Mueller Industries Stock Performance

Shares of MLI traded up $1.55 during mid-day trading on Thursday, reaching $66.95. The stock had a trading volume of 1,235,994 shares, compared to its average volume of 1,615,173. The firm has a market cap of $14.81 billion, a price-to-earnings ratio of 17.44 and a beta of 1.11. Mueller Industries has a 12 month low of $41.17 and a 12 month high of $70.95. The business has a fifty day moving average of $63.65 and a 200 day moving average of $62.38.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the firm earned $1.96 EPS. The company’s revenue was up 25.5% on a year-over-year basis.

Mueller Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, June 5th. Mueller Industries’s dividend payout ratio is presently 18.23%.

Hedge Funds Weigh In On Mueller Industries

Several large investors have recently made changes to their positions in MLI. NewEdge Advisors LLC raised its stake in Mueller Industries by 10.7% during the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock valued at $1,121,000 after purchasing an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Mueller Industries by 1.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock valued at $17,563,000 after buying an additional 3,316 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Mueller Industries during the 1st quarter valued at approximately $524,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Mueller Industries by 108.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after buying an additional 261 shares during the last quarter. Finally, CW Advisors LLC lifted its holdings in shares of Mueller Industries by 4.0% in the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock worth $289,000 after buying an additional 140 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.