Insteel Industries Inc (IIIN) Sees Significant Drop in Short Interest
Insteel Industries Inc (NASDAQ:IIIN) saw a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 892,658 shares, a drop of 26.9% from the October 31st total of 1,221,217 shares. Currently, 5.0% of the shares of the company are short sold. Based on an average daily volume of 119,487 shares, the short-interest ratio is currently 7.5 days.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the firm’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now directly owns 14,788 shares of the company’s stock, valued at approximately $400,902.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.70% of the company’s stock.
Large investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its holdings in shares of Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after acquiring an additional 181 shares in the last quarter. Forward Management LLC boosted its holdings in shares of Insteel Industries by 27.7% in the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock valued at $197,000 after acquiring an additional 1,295 shares in the last quarter. Oppenheimer & Close LLC purchased a new stake in shares of Insteel Industries in the third quarter valued at about $203,000. Stifel Financial Corp purchased a new stake in shares of Insteel Industries in the third quarter valued at about $204,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Insteel Industries in the third quarter valued at about $217,000. 81.06% of the stock is currently owned by institutional investors and hedge funds.
Insteel Industries (IIIN) opened at $27.82 on Tuesday. Insteel Industries has a 52-week low of $23.20 and a 52-week high of $40.47. The stock has a market cap of $520.20, a price-to-earnings ratio of 23.15 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). The business had revenue of $96.89 million for the quarter, compared to analysts’ expectations of $96.25 million. Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 earnings per share.
The company also recently announced a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be issued a $1.00 dividend. This represents a dividend yield of 0.44%. The ex-dividend date is Tuesday, December 19th. Insteel Industries’s payout ratio is 10.17%.
Several research analysts have issued reports on IIIN shares. TheStreet downgraded shares of Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday, October 19th. BidaskClub downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. Finally, Longbow Research downgraded shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. Insteel Industries has an average rating of “Hold”.
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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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