Robotti Robert Makes New $14.42 Million Investment in Insteel Industries, Inc. $IIIN

Key Points

• Robotti Robert acquired 477,530 shares of Insteel Industries in the second quarter, valued at approximately $14.42 million. The position represents about 2.47% of Insteel’s outstanding stock and 2.3% of Robotti Robert’s portfolio.
• Institutional ownership remains high at 83.27%, with several firms—including Diamond Hill Capital Management and Icon Advisers—also initiating or increasing positions in IIIN.
• Insteel reported quarterly EPS of $0.46, slightly ahead of the $0.45 consensus estimate, while shares opened at $32.02 after recently declining 2.4%. Analysts’ average rating is “Buy,” and the company declared a quarterly dividend of $0.03 per share.

Robotti Robert acquired a new position in Insteel Industries, Inc. (NYSE:IIIN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 477,530 shares of the company's stock, valued at approximately $14,421,000. Insteel Industries accounts for approximately 2.3% of Robotti Robert's holdings, making the stock its 11th biggest holding. Robotti Robert owned about 2.47% of Insteel Industries as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in IIIN. Icon Advisers Inc. Co. bought a new stake in Insteel Industries during the 1st quarter worth approximately $3,126,000. Y Intercept Hong Kong Ltd bought a new position in shares of Insteel Industries in the first quarter worth approximately $1,369,000. Lazard Asset Management LLC increased its stake in shares of Insteel Industries by 49.1% in the first quarter. Lazard Asset Management LLC now owns 116,990 shares of the company's stock worth $3,932,000 after purchasing an additional 38,547 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Insteel Industries in the second quarter worth $9,023,000. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Insteel Industries during the 2nd quarter valued at $1,454,000. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Trading Down 2.4%

Shares of IIIN stock opened at $32.02 on Wednesday. Insteel Industries, Inc. has a 12-month low of $24.35 and a 12-month high of $39.91. The stock's 50-day moving average price is $30.65 and its 200-day moving average price is $31.28. The stock has a market capitalization of $619.82 million, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 1.71 and a beta of 0.50.

Insteel Industries (NYSE:IIIN - Get Free Report) last posted its earnings results on Thursday, July 16th. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. The company 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 prior year, the firm posted $0.78 earnings per share. As a group, research analysts predict that Insteel Industries, Inc. will post 1.59 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have commented 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 Insteel Industries from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Finally, Zacks Research raised Insteel Industries from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy".

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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