Connor Clark & Lunn Investment Management Ltd. Buys Shares of 37,031 Insteel Industries, Inc. $IIIN

Key Points

• Connor Clark & Lunn purchased 37,031 Insteel Industries shares valued at approximately $1.12 million, while institutional investors collectively own 83.27% of the company.
• Analyst sentiment has improved, with upgrades from Zacks Research and Wall Street Zen; the stock carries a consensus rating of “Buy.”
• Insteel reported quarterly EPS of $0.46, slightly above estimates, and declared a $0.03 quarterly dividend, equivalent to a 0.4% annualized yield.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Insteel Industries, Inc. (NYSE:IIIN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 37,031 shares of the company's stock, valued at approximately $1,118,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.19% of Insteel Industries at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Insteel Industries during the second quarter valued at approximately $46,014,000. Robotti Robert acquired a new position in shares of Insteel Industries in the 2nd quarter valued at $14,421,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Insteel Industries in the 2nd quarter valued at $9,023,000. Bank of New York Mellon Corp bought a new stake in shares of Insteel Industries in the 2nd quarter valued at $6,726,000. Finally, Algert Global LLC raised its stake in Insteel Industries by 360.5% during the 3rd quarter. Algert Global LLC now owns 166,514 shares of the company's stock worth $6,384,000 after buying an additional 130,354 shares during the period. 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 transaction of $49,708.40. Following the sale, the chief operating officer directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 6.20% of the company's stock.

Analyst Upgrades and Downgrades

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

Insteel Industries Stock Performance

NYSE:IIIN opened at $30.48 on Monday. The stock has a 50-day simple moving average of $30.94 and a 200 day simple moving average of $31.02. Insteel Industries, Inc. has a 52-week low of $24.35 and a 52-week high of $39.91. The company has a market cap of $590.03 million, a PE ratio of 16.39, a PEG ratio of 1.60 and a beta of 0.50.

Insteel Industries (NYSE:IIIN - Get Free Report) last released its earnings results on Thursday, July 16th. The company reported $0.46 EPS 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 quarter in the previous year, the firm posted $0.78 EPS. On average, research analysts predict that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. Insteel Industries's dividend payout ratio (DPR) is 6.45%.

Insteel Industries 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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