Short Interest in Insteel Industries, Inc. (IIIN) Decreases By 27.8%

Insteel Industries, Inc. (NASDAQ:IIIN) was the recipient of a significant decrease in short interest in March. As of March 29th, there was short interest totalling 914,913 shares, a decrease of 27.8% from the March 15th total of 1,267,067 shares. Based on an average daily volume of 137,899 shares, the short-interest ratio is currently 6.6 days. Approximately 5.1% of the shares of the company are sold short.

Several research analysts recently issued reports on the stock. Sidoti raised shares of Insteel Industries from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Wednesday, April 11th. BidaskClub cut shares of Insteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 24th. Finally, TheStreet raised shares of Insteel Industries from a “c+” rating to a “b-” rating in a report on Wednesday, January 17th.

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NASDAQ IIIN opened at $27.66 on Monday. The stock has a market cap of $528.39, a P/E ratio of 24.13 and a beta of 2.02. Insteel Industries has a 52-week low of $23.20 and a 52-week high of $36.94.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 18th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $97.74 million for the quarter, compared to analysts’ expectations of $94.90 million. Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.23 earnings per share.

The business also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 16th were issued a $0.03 dividend. The ex-dividend date of this dividend was Thursday, March 15th. This represents a $0.12 dividend on an annualized basis and a yield of 0.43%.

In related news, VP James F. Petelle sold 1,237 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $31.38, for a total transaction of $38,817.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. MetLife Investment Advisors LLC purchased a new position in Insteel Industries in the fourth quarter valued at about $255,000. Two Sigma Investments LP increased its holdings in Insteel Industries by 84.6% in the fourth quarter. Two Sigma Investments LP now owns 93,795 shares of the industrial products company’s stock valued at $2,656,000 after buying an additional 42,998 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Insteel Industries by 18.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 57,847 shares of the industrial products company’s stock valued at $1,639,000 after buying an additional 9,080 shares in the last quarter. Stone Ridge Asset Management LLC purchased a new position in Insteel Industries in the fourth quarter valued at about $541,000. Finally, Franklin Resources Inc. increased its holdings in Insteel Industries by 58.9% in the fourth quarter. Franklin Resources Inc. now owns 1,225,720 shares of the industrial products company’s stock valued at $34,712,000 after buying an additional 454,320 shares in the last quarter. 83.59% of the stock is owned by institutional investors.

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Insteel Industries Company Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.

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