Lazard Asset Management LLC Buys 38,547 Shares of Insteel Industries, Inc. $IIIN

Key Points

• Lazard Asset Management increased its Insteel Industries stake by 49.1% in the first quarter, purchasing 38,547 additional shares and bringing its holdings to 116,990 shares valued at approximately $3.93 million. Institutional investors collectively own 83.27% of the company.
• Insteel reported quarterly EPS of $0.46, slightly exceeding analysts’ $0.45 estimate, on revenue of $197.66 million. However, EPS declined from $0.78 in the same quarter a year earlier.
• The company paid a quarterly dividend of $0.03 per share, equivalent to an annualized $0.12 dividend and a 0.4% yield. Analyst sentiment ranges from Hold to Strong Buy, with MarketBeat showing an average rating of “Buy.”

Lazard Asset Management LLC increased its stake in shares of Insteel Industries, Inc. (NYSE:IIIN - Free Report) by 49.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,990 shares of the company's stock after purchasing an additional 38,547 shares during the quarter. Lazard Asset Management LLC owned approximately 0.60% of Insteel Industries worth $3,932,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in Insteel Industries in the third quarter worth about $26,000. BNP Paribas Financial Markets lifted its position in shares of Insteel Industries by 74.3% during 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 last quarter. Quarry LP bought a new stake in shares of Insteel Industries in the 3rd quarter valued at about $89,000. Smartleaf Asset Management LLC boosted its holdings in shares of Insteel Industries by 30.2% in the 2nd 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 in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Insteel Industries by 372.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the company's stock worth $122,000 after buying an additional 2,588 shares during the last quarter. Institutional investors own 83.27% of the company's stock.

Insteel Industries Stock Performance

Insteel Industries stock opened at $30.63 on Friday. The stock has a market cap of $592.92 million, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.60 and a beta of 0.52. The stock has a 50-day moving average of $29.54 and a two-hundred day moving average of $31.36. Insteel Industries, Inc. has a one year low of $24.35 and a one year high of $39.91.

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

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.03 dividend. The ex-dividend date was Friday, June 12th. 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%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of Insteel Industries in a research note on Monday, July 20th. Wall Street Zen upgraded shares of Insteel Industries from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, Zacks Research raised shares of Insteel Industries from a "hold" rating to a "strong-buy" rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company 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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