Insteel Industries, Inc. $IIIN Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 77,905 shares of Insteel Industries during the second quarter, worth approximately $2.35 million and representing about 0.40% of the company. Other institutional investors also initiated positions, with institutions and hedge funds collectively owning 83.27% of the stock.
• Insteel reported quarterly earnings of $0.46 per share, narrowly exceeding analysts’ $0.45 estimate, on revenue of $197.66 million. Analysts project full-year earnings of $1.59 per share.
• The company paid a quarterly dividend of $0.03 per share, equivalent to a 0.4% annualized yield. Analyst sentiment remains neutral, with the stock carrying a consensus “Hold” rating.

Bank of America Corp DE bought a new stake in Insteel Industries, Inc. (NYSE:IIIN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 77,905 shares of the company's stock, valued at approximately $2,353,000. Bank of America Corp DE owned about 0.40% of Insteel Industries at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Hsbc Holdings PLC bought a new position in shares of Insteel Industries in the 2nd quarter worth $681,000. Canada Pension Plan Investment Board acquired a new position in Insteel Industries in the second quarter valued at about $356,000. Legal & General Group Plc bought a new position in Insteel Industries during the second quarter worth about $99,000. Group One Trading LLC bought a new position in Insteel Industries during the second quarter worth about $37,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Insteel Industries during the 2nd quarter worth about $1,118,000. Institutional investors and hedge funds own 83.27% of the company's stock.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $29.16 on Thursday. Insteel Industries, Inc. has a 52 week low of $24.35 and a 52 week high of $39.22. The company's 50 day moving average price is $30.95 and its two-hundred day moving average price is $30.03. The company has a market capitalization of $564.44 million, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 1.52 and a beta of 0.51.

Insteel Industries (NYSE:IIIN - Get Free Report) last released its quarterly 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 net margin of 5.14% and a return on equity of 9.92%. The company had revenue of $197.66 million during the quarter. During the same quarter last year, the company earned $0.78 EPS. Analysts forecast that Insteel Industries, Inc. will post 1.59 earnings per share for the current year.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, September 11th. Insteel Industries's dividend payout ratio is 6.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented 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 cut Insteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 15th. Finally, Wall Street Zen raised Insteel Industries from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of "Hold".

Insider Activity

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

Insteel Industries Company Profile

Insteel Industries, Inc NYSE: IIIN manufactures steel products used primarily in the nonresidential and infrastructure construction markets. The company's principal products are prestressed concrete steel strand, commonly used in prestressed and precast concrete, and welded wire reinforcement, which helps reinforce concrete structures.

Insteel sells its products primarily to manufacturers of prestressed and precast concrete products, concrete pipe, utility structures, and other construction-related products.

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