Wedge Capital Management L L P NC Takes Position in Insteel Industries, Inc. $IIIN

Key Points

• Wedge Capital Management initiated a position in Insteel Industries, purchasing 48,130 shares worth approximately $1.45 million, while institutional investors collectively own 83.27% of the company.
• Analyst sentiment improved, with ratings upgrades from hold or sell to hold or strong buy; MarketBeat reports a consensus rating of “Buy.”
• Insteel reported quarterly EPS of $0.46, slightly exceeding expectations, and declared a quarterly dividend of $0.03 per share, equal to a 0.4% annualized yield.

Wedge Capital Management L L P NC bought a new stake in Insteel Industries, Inc. (NYSE:IIIN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 48,130 shares of the company's stock, valued at approximately $1,454,000. Wedge Capital Management L L P NC owned 0.25% of Insteel Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Insteel Industries by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 1,415,156 shares of the company's stock valued at $44,818,000 after purchasing an additional 17,660 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Insteel Industries by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company's stock worth $36,559,000 after buying an additional 24,429 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Insteel Industries by 1.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 990,770 shares of the company's stock worth $37,986,000 after buying an additional 11,931 shares in the last quarter. State Street Corp lifted its position in shares of Insteel Industries by 0.5% during the 4th quarter. State Street Corp now owns 727,168 shares of the company's stock worth $23,029,000 after buying an additional 3,919 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Insteel Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 484,466 shares of the company's stock valued at $15,345,000 after buying an additional 2,830 shares in the last quarter. Institutional investors own 83.27% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings upgraded Insteel Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 3rd. Wall Street Zen raised Insteel Industries from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Zacks Research upgraded shares of Insteel Industries from a "hold" rating to a "strong-buy" rating in a research note 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, Insteel Industries presently has a consensus rating of "Buy".

Insteel Industries Stock Performance

Shares of IIIN opened at $32.66 on Friday. The business's fifty day moving average price is $30.47 and its two-hundred day moving average price is $31.29. The firm has a market capitalization of $632.30 million, a price-to-earnings ratio of 17.56, a PEG ratio of 1.72 and a beta of 0.50. Insteel Industries, Inc. has a 52 week low of $24.35 and a 52 week 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. The firm 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 period in the previous year, the company posted $0.78 EPS. As a group, research analysts forecast that Insteel Industries, Inc. will post 1.59 EPS for the current year.

Insteel Industries Announces Dividend

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