Insteel Industries Inc (NASDAQ:IIIN) saw a large increase in short interest in September. As of September 30th, there was short interest totalling 216,400 shares, an increase of 43.4% from the September 15th total of 150,900 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average trading volume of 77,200 shares, the days-to-cover ratio is presently 2.8 days.
IIIN stock traded down $0.36 during trading on Friday, hitting $21.00. 53,724 shares of the company’s stock were exchanged, compared to its average volume of 99,600. The business has a 50-day moving average price of $18.79 and a two-hundred day moving average price of $17.96. The stock has a market capitalization of $404.48 million, a price-to-earnings ratio of 41.18 and a beta of 1.87. Insteel Industries has a 52-week low of $10.00 and a 52-week high of $26.61.
Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, July 16th. The industrial products company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.20. The firm had revenue of $121.96 million during the quarter. Insteel Industries had a return on equity of 4.18% and a net margin of 2.19%.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Thursday, September 10th.
Separately, BidaskClub upgraded Insteel Industries from a “hold” rating to a “buy” rating in a research note on Thursday, October 8th.
In other Insteel Industries news, VP James F. Petelle sold 1,270 shares of Insteel Industries stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $20.05, for a total value of $25,463.50. Following the completion of the transaction, the vice president now directly owns 15,383 shares of the company’s stock, valued at approximately $308,429.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 5.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio purchased a new stake in Insteel Industries in the second quarter valued at approximately $26,000. BNP Paribas Arbitrage SA lifted its stake in Insteel Industries by 13.2% in the first quarter. BNP Paribas Arbitrage SA now owns 7,320 shares of the industrial products company’s stock valued at $97,000 after buying an additional 855 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Insteel Industries by 40.1% in the second quarter. Pacer Advisors Inc. now owns 6,495 shares of the industrial products company’s stock valued at $124,000 after buying an additional 1,859 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Insteel Industries by 24.3% in the second quarter. New York State Teachers Retirement System now owns 8,687 shares of the industrial products company’s stock valued at $166,000 after buying an additional 1,700 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its stake in Insteel Industries by 10.2% in the first quarter. Squarepoint Ops LLC now owns 13,500 shares of the industrial products company’s stock valued at $179,000 after buying an additional 1,253 shares during the last quarter. Institutional investors own 80.24% of the company’s stock.
About Insteel Industries
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. 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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