BlackRock Inc. Makes New Investment in Insteel Industries, Inc. $IIIN

Key Points

• BlackRock acquired 1.52 million shares of Insteel Industries in the second quarter, valued at about $46 million and representing approximately 7.87% of the company. Institutional investors collectively own 83.27% of the stock.
• Insteel reported quarterly EPS of $0.46, slightly exceeding estimates of $0.45, on revenue of $197.66 million; however, EPS declined from $0.78 in the same quarter a year earlier. Analysts’ consensus rating is currently “Buy.”
• The company declared a quarterly dividend of $0.03 per share, equivalent to $0.12 annually and a 0.4% yield. Shares recently opened at $30.08, well below their 52-week high of $39.91.

BlackRock Inc. acquired a new stake in shares of Insteel Industries, Inc. (NYSE:IIIN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,523,656 shares of the company's stock, valued at approximately $46,014,000. BlackRock Inc. owned about 7.87% of Insteel Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Advisory Services Network LLC purchased a new stake in shares of Insteel Industries in the 3rd quarter worth $26,000. GAMMA Investing LLC increased its position in Insteel Industries by 71.2% in the second quarter. GAMMA Investing LLC now owns 1,998 shares of the company's stock worth $60,000 after buying an additional 831 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Insteel Industries by 74.3% in the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the company's stock worth $84,000 after buying an additional 958 shares during the period. Quarry LP purchased a new position in shares of Insteel Industries during the 3rd quarter valued at about $89,000. Finally, Smartleaf Asset Management LLC increased its holdings in Insteel Industries by 30.2% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company's stock worth $95,000 after acquiring an additional 583 shares in the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Insteel Industries

In other news, COO Richard Wagner sold 1,640 shares of Insteel Industries stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction 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 approximately $1,212,400. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.20% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Wall Street Zen raised shares of Insteel Industries from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Weiss Ratings upgraded Insteel Industries from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 3rd. Finally, Zacks Research upgraded Insteel Industries from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy".

Insteel Industries Price Performance

Shares of IIIN opened at $30.08 on Tuesday. The stock has a market capitalization of $582.35 million, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.60 and a beta of 0.50. The business's 50 day simple moving average is $30.95 and its 200-day simple moving average is $30.97. Insteel Industries, Inc. has a 1 year low of $24.35 and a 1 year high of $39.91.

Insteel Industries (NYSE:IIIN - Get Free Report) last released its earnings results on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.The firm had revenue of $197.66 million for the quarter. During the same period in the prior year, the firm posted $0.78 EPS. On average, sell-side analysts expect that Insteel Industries, Inc. will post 1.59 earnings per share for the current year.

Insteel Industries Announces Dividend

The business also recently announced 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. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, September 11th. Insteel Industries's dividend payout ratio is currently 6.45%.

About Insteel Industries

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source