Susquehanna Fundamental Investments LLC boosted its holdings in Insteel Industries, Inc. (NYSE:IIIN – Free Report) by 111.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,575 shares of the company’s stock after purchasing an additional 20,858 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Insteel Industries were worth $1,195,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of IIIN. Hsbc Holdings PLC raised its holdings in shares of Insteel Industries by 49.1% in the 2nd quarter. Hsbc Holdings PLC now owns 22,935 shares of the company’s stock worth $681,000 after acquiring an additional 7,557 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Insteel Industries during the 2nd quarter worth approximately $526,000. Corient Private Wealth LP purchased a new stake in shares of Insteel Industries in the second quarter worth approximately $440,000. Bank of America Corp DE purchased a new stake in shares of Insteel Industries in the second quarter worth approximately $2,353,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Insteel Industries in the second quarter valued at approximately $356,000. Institutional investors and hedge funds own 83.27% of the company’s stock.
Wall Street Analyst Weigh In
IIIN has been the topic of several analyst reports. Weiss Ratings raised Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Zacks Research raised Insteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.
Insteel Industries Stock Performance
NYSE:IIIN opened at $30.02 on Wednesday. The firm has a market cap of $581.19 million, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.58 and a beta of 0.51. Insteel Industries, Inc. has a 52 week low of $24.35 and a 52 week high of $39.91. The firm has a 50-day moving average price of $30.97 and a two-hundred day moving average price of $30.92.
Insteel Industries (NYSE:IIIN – Get Free Report) last posted its earnings results on Thursday, July 16th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $197.66 million for the quarter. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. During the same period in the prior year, the business earned $0.78 EPS. As a group, sell-side analysts forecast that Insteel Industries, Inc. will post 1.59 earnings per share for the current year.
Insteel Industries Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.12 annualized dividend and a yield of 0.4%. Insteel Industries’s payout ratio is currently 6.45%.
Insiders Place Their Bets
In other Insteel Industries news, COO Richard Wagner sold 1,640 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $30.31, for a total value of $49,708.40. Following the completion of the transaction, the chief operating officer owned 40,000 shares in the company, valued at $1,212,400. This represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.20% of the company’s stock.
Insteel Industries Profile
Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.
Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.
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