Insteel Industries, Inc. (IIIN) Stake Increased by Forward Management LLC
Forward Management LLC raised its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 27.7% during the second quarter, Holdings Channel reports. The fund owned 5,964 shares of the industrial products company’s stock after buying an additional 1,295 shares during the period. Forward Management LLC’s holdings in Insteel Industries were worth $197,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. boosted its position in Insteel Industries by 18.0% in the second quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock valued at $1,264,000 after buying an additional 5,854 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in Insteel Industries by 6.5% in the second quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock valued at $868,000 after buying an additional 1,600 shares during the last quarter. Sei Investments Co. boosted its position in Insteel Industries by 970.9% in the second quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock valued at $450,000 after buying an additional 12,369 shares during the last quarter. Finally, Texas Permanent School Fund boosted its position in Insteel Industries by 1.1% in the second quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock valued at $421,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 82.01% of the company’s stock.
Insteel Industries, Inc. (IIIN) opened at 26.25 on Friday. The company’s 50-day moving average price is $29.92 and its 200 day moving average price is $33.51. Insteel Industries, Inc. has a 52-week low of $22.50 and a 52-week high of $42.81. The stock has a market capitalization of $499.41 million, a PE ratio of 17.62 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by $0.20. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The business had revenue of $96.90 million during the quarter, compared to analysts’ expectations of $122.39 million. During the same quarter in the previous year, the company posted $0.71 EPS. The company’s quarterly revenue was down 16.2% on a year-over-year basis. Equities analysts forecast that Insteel Industries, Inc. will post $1.38 EPS for the current fiscal year.
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Separately, BidaskClub upgraded Insteel Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd.
In other Insteel Industries news, VP Richard Wagner sold 10,732 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $31.62, for a total value of $339,345.84. Following the completion of the sale, the vice president now owns 27,500 shares in the company, valued at approximately $869,550. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.70% of the company’s stock.
About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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