Insteel Industries Inc (NASDAQ:IIIN) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 216,400 shares, an increase of 43.4% from the September 15th total of 150,900 shares. Based on an average daily volume of 77,200 shares, the days-to-cover ratio is currently 2.8 days. Approximately 1.2% of the company's stock are sold short.
NASDAQ IIIN opened at $21.00 on Friday. The firm's fifty day moving average price is $18.79 and its two-hundred day moving average price is $17.96. Insteel Industries has a 1 year low of $10.00 and a 1 year high of $26.61. The firm has a market capitalization of $404.48 million, a P/E ratio of 41.18 and a beta of 1.87.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, July 16th. The industrial products company reported $0.38 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.18 by $0.20. Insteel Industries had a net margin of 2.19% and a return on equity of 4.18%. The firm had revenue of $121.96 million for the quarter.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a $0.03 dividend. The ex-dividend date was Thursday, September 10th. This represents a $0.12 annualized dividend and a dividend yield of 0.57%.
Separately, BidaskClub raised shares of Insteel Industries from a "hold" rating to a "buy" rating in a research report on Thursday, October 8th.
In other news, VP James F. Petelle sold 1,270 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $20.05, for a total value of $25,463.50. Following the sale, the vice president now owns 15,383 shares of the company's stock, valued at $308,429.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.10% of the company's stock.
Several large investors have recently added to or reduced their stakes in IIIN. Strs Ohio acquired a new position in shares of Insteel Industries in the second quarter valued at $26,000. BNP Paribas Arbitrage SA increased its holdings in shares of Insteel Industries by 13.2% in the first quarter. BNP Paribas Arbitrage SA now owns 7,320 shares of the industrial products company's stock valued at $97,000 after purchasing an additional 855 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Insteel Industries by 40.1% in the second quarter. Pacer Advisors Inc. now owns 6,495 shares of the industrial products company's stock valued at $124,000 after purchasing an additional 1,859 shares during the last quarter. New York State Teachers Retirement System increased its holdings in shares of Insteel Industries by 24.3% in the second quarter. New York State Teachers Retirement System now owns 8,687 shares of the industrial products company's stock valued at $166,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of Insteel Industries by 10.2% in the first quarter. Squarepoint Ops LLC now owns 13,500 shares of the industrial products company's stock valued at $179,000 after purchasing an additional 1,253 shares during the last quarter. Hedge funds and other institutional investors own 80.24% of the company's stock.
About Insteel Industries
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.
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7 Gold Stocks to Buy Before the Fed Changes Its Mind
Just when investors thought that the price of gold couldn’t go any higher, the Federal Reserve added fuel to the fire. On July 29, the Fed said there was not sufficient evidence of an economic recovery to warrant changing their current policies.
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View the "7 Gold Stocks to Buy Before the Fed Changes Its Mind".