Mueller Industries, Inc. (NYSE:MLI) Short Interest Up 107.9% in July

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, July 16th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Mueller Industries currently has an average rating of “Buy” and a consensus price target of $75.00.

Mueller Industries Stock Performance

Shares of MLI stock opened at $66.95 on Friday. The stock’s 50-day moving average is $63.66 and its two-hundred day moving average is $62.42. Mueller Industries has a 1 year low of $41.17 and a 1 year high of $70.95. 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 (NYSE:MLI) last announced its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same period last year, the firm posted $1.96 earnings per share.

Mueller Industries Cuts Dividend

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

Hedge Funds Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in MLI. Fifth Third Bancorp increased its holdings in shares of Mueller Industries by 2.2% in the 4th quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 75 shares during the period. US Asset Management LLC boosted its holdings in shares of Mueller Industries by 3.5% during the fourth quarter. US Asset Management LLC now owns 2,425 shares of the industrial products company’s stock worth $278,000 after purchasing an additional 81 shares during the period. SJS Investment Consulting Inc. grew its position in Mueller Industries by 28.4% during the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 82 shares in the last quarter. Root Financial Partners LLC increased its stake in Mueller Industries by 19.6% in the 1st quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock valued at $57,000 after buying an additional 84 shares during the period. Finally, Florida Financial Advisors LLC increased its stake in Mueller Industries by 3.7% in the 4th quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company’s stock valued at $288,000 after buying an additional 89 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

About Mueller Industries

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.