Insteel Industries, Inc. (IIIN) Short Interest Down 27.8% in March
Insteel Industries, Inc. (NASDAQ:IIIN) was the target of a large 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. Approximately 5.1% of the company’s stock are short sold. Based on an average daily volume of 137,899 shares, the short-interest ratio is presently 6.6 days.
IIIN opened at $28.40 on Tuesday. The stock has a market capitalization of $526.67, a price-to-earnings ratio of 24.05 and a beta of 2.02. Insteel Industries has a twelve month low of $23.20 and a twelve month high of $36.94.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.02). The company had revenue of $97.74 million during the quarter, compared to analysts’ expectations of $94.90 million. Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share.
In other Insteel Industries news, VP James F. Petelle sold 1,237 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $31.38, for a total value of $38,817.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.70% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in 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 boosted its stake 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 acquiring an additional 42,998 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake 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 acquiring an additional 9,080 shares during 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. boosted its stake 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 acquiring an additional 454,320 shares during the last quarter. Hedge funds and other institutional investors own 83.55% of the company’s stock.
A number of equities research analysts have issued reports on IIIN shares. Sidoti initiated coverage on shares of Insteel Industries in a research report on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective for the company. TheStreet upgraded shares of Insteel Industries from a “c+” rating to a “b-” rating in a research note on Wednesday, January 17th. Finally, BidaskClub upgraded shares of Insteel Industries from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 23rd.
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About Insteel Industries
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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