Insteel Industries, Inc. (NYSE:IIIN – Get Free Report) was the target of a significant growth in short interest in April. As of April 30th, there was short interest totaling 764,753 shares, a growth of 77.4% from the April 15th total of 431,140 shares. Based on an average daily trading volume, of 442,893 shares, the days-to-cover ratio is presently 1.7 days. Currently, 4.2% of the company’s stock are sold short.
Analyst Ratings Changes
A number of research analysts have commented on IIIN shares. Zacks Research downgraded Insteel Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, April 20th. Wall Street Zen downgraded Insteel Industries from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Finally, Weiss Ratings downgraded Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.
Get Our Latest Report on Insteel Industries
Insider Buying and Selling at Insteel Industries
Institutional Trading of Insteel Industries
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Insteel Industries by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 1,415,156 shares of the company’s stock worth $44,818,000 after buying an additional 17,660 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Insteel Industries by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company’s stock worth $36,559,000 after buying an additional 24,429 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Insteel Industries by 1.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 990,770 shares of the company’s stock worth $37,986,000 after buying an additional 11,931 shares during the last quarter. State Street Corp lifted its position in shares of Insteel Industries by 0.5% in the fourth quarter. State Street Corp now owns 727,168 shares of the company’s stock worth $23,029,000 after buying an additional 3,919 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Insteel Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 484,466 shares of the company’s stock worth $15,345,000 after buying an additional 2,830 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.
Insteel Industries Price Performance
Shares of NYSE IIIN opened at $25.73 on Monday. The business’s 50-day moving average price is $30.66 and its two-hundred day moving average price is $32.36. Insteel Industries has a one year low of $24.35 and a one year high of $41.64. The company has a market capitalization of $499.86 million, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 1.62 and a beta of 0.53.
Insteel Industries (NYSE:IIIN – Get Free Report) last issued its earnings results on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.53). Insteel Industries had a net margin of 6.16% and a return on equity of 11.72%. The firm had revenue of $172.65 million during the quarter. During the same quarter in the prior year, the business earned $0.52 EPS. Insteel Industries’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts anticipate that Insteel Industries will post 1.32 EPS for the current year.
Insteel Industries Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. Insteel Industries’s payout ratio is currently 5.50%.
About Insteel Industries
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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