Vanguard Group Inc. grew its holdings in Insteel Industries Inc (NASDAQ:IIIN) by 2.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,106,078 shares of the industrial products company’s stock after purchasing an additional 30,667 shares during the quarter. Vanguard Group Inc. owned 5.75% of Insteel Industries worth $39,686,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp boosted its position in Insteel Industries by 2.3% during the second quarter. Northern Trust Corp now owns 290,665 shares of the industrial products company’s stock valued at $9,708,000 after buying an additional 6,452 shares during the period. Strs Ohio purchased a new stake in Insteel Industries during the third quarter valued at about $612,000. Alps Advisors Inc. purchased a new stake in Insteel Industries during the third quarter valued at about $473,000. Assenagon Asset Management S.A. purchased a new stake in Insteel Industries during the third quarter valued at about $485,000. Finally, Acadian Asset Management LLC purchased a new stake in Insteel Industries during the third quarter valued at about $421,000. 79.45% of the stock is owned by institutional investors and hedge funds.

IIIN has been the subject of several analyst reports. BidaskClub upgraded shares of Insteel Industries from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 18th. Sidoti upgraded shares of Insteel Industries from a “neutral” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Thursday, January 24th. Finally, TheStreet lowered shares of Insteel Industries from a “b-” rating to a “c” rating in a research report on Thursday, January 17th.

NASDAQ IIIN traded down $0.40 during trading on Monday, hitting $20.89. 125,122 shares of the company’s stock traded hands, compared to its average volume of 230,131. Insteel Industries Inc has a 12-month low of $20.13 and a 12-month high of $43.78. The firm has a market cap of $401.57 million, a price-to-earnings ratio of 12.58 and a beta of 1.82.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 17th. The industrial products company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.07. The business had revenue of $104.11 million during the quarter, compared to analyst estimates of $106.79 million. Insteel Industries had a net margin of 7.02% and a return on equity of 13.50%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share.

In other news, Director Jon M. Ruth acquired 4,000 shares of the stock in a transaction dated Friday, December 7th. The stock was purchased at an average cost of $26.04 per share, with a total value of $104,160.00. Following the completion of the purchase, the director now owns 5,349 shares in the company, valued at approximately $139,287.96. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.20% of the company’s stock.

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Insteel Industries Profile

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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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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