Bank of New York Mellon Corp Takes $6.73 Million Position in Insteel Industries, Inc. $IIIN

Key Points

• Bank of New York Mellon acquired 222,700 shares of Insteel Industries worth approximately $6.73 million, representing about 1.15% of the company. Institutional investors collectively own 83.27% of IIIN.
• Insteel reported quarterly EPS of $0.46, slightly above the $0.45 consensus estimate, on revenue of $197.66 million. Analysts expect full-year EPS of approximately $1.59.
• The company declared a quarterly dividend of $0.03 per share, equating to a $0.12 annualized payout and a 0.4% yield; analyst sentiment has improved to an overall “Buy” rating.

Bank of New York Mellon Corp acquired a new position in shares of Insteel Industries, Inc. (NYSE:IIIN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 222,700 shares of the company's stock, valued at approximately $6,726,000. Bank of New York Mellon Corp owned about 1.15% of Insteel Industries at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Advisory Services Network LLC bought a new position in Insteel Industries during the third quarter worth about $26,000. GAMMA Investing LLC raised its stake in Insteel Industries by 71.2% in the second quarter. GAMMA Investing LLC now owns 1,998 shares of the company's stock valued at $60,000 after buying an additional 831 shares during the period. BNP Paribas Financial Markets raised its stake in Insteel Industries by 74.3% in the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the company's stock valued at $84,000 after buying an additional 958 shares during the period. Quarry LP acquired a new stake in shares of Insteel Industries in the third quarter valued at approximately $89,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Insteel Industries by 30.2% in the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company's stock valued at $95,000 after buying an additional 583 shares during the last quarter. 83.27% of the stock is owned by institutional investors.

Insider Transactions at Insteel Industries

In other Insteel Industries news, COO Richard Wagner sold 1,640 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $30.31, for a total value of $49,708.40. Following the completion of the sale, the chief operating officer owned 40,000 shares of the company's stock, valued at $1,212,400. The trade was a 3.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.20% of the stock is owned by corporate insiders.

Insteel Industries Price Performance

IIIN opened at $30.96 on Friday. The business has a fifty day simple moving average of $30.98 and a 200 day simple moving average of $30.83. Insteel Industries, Inc. has a 1 year low of $24.35 and a 1 year high of $39.91. The company has a market capitalization of $599.39 million, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.59 and a beta of 0.51.

Insteel Industries (NYSE:IIIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $197.66 million for the quarter. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.During the same quarter in the previous year, the business earned $0.78 EPS. Equities analysts anticipate that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a $0.03 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.12 annualized dividend and a yield of 0.4%. Insteel Industries's payout ratio is 6.45%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IIIN. Weiss Ratings raised Insteel Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, August 3rd. Wall Street Zen upgraded shares of Insteel Industries from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Zacks Research raised shares of Insteel Industries from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Insteel Industries currently has an average rating of "Buy".

Insteel Industries Company Profile

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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