Insteel Industries Inc (IIIN) Short Interest Update

Insteel Industries Inc (NASDAQ:IIIN) was the recipient of a large drop in short interest in January. As of January 12th, there was short interest totalling 1,012,717 shares, a drop of 28.7% from the December 29th total of 1,420,558 shares. Currently, 5.6% of the company’s stock are sold short. Based on an average daily volume of 96,634 shares, the days-to-cover ratio is currently 10.5 days.

Several institutional investors and hedge funds have recently modified their holdings of the company. Advisory Services Network LLC grew its position in shares of Insteel Industries by 3.2% in the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after acquiring an additional 181 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Insteel Industries by 6.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,653 shares of the industrial products company’s stock worth $483,000 after acquiring an additional 847 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Insteel Industries by 1.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock worth $2,525,000 after acquiring an additional 987 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Insteel Industries by 2.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 60,847 shares of the industrial products company’s stock worth $2,006,000 after acquiring an additional 1,536 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Insteel Industries by 1.3% in the 2nd quarter. Principal Financial Group Inc. now owns 142,073 shares of the industrial products company’s stock worth $4,684,000 after acquiring an additional 1,853 shares in the last quarter. Institutional investors own 82.15% of the company’s stock.

Insteel Industries (NASDAQ IIIN) opened at $33.22 on Monday. The company has a market capitalization of $620.74, a P/E ratio of 24.25 and a beta of 2.11. Insteel Industries has a 12-month low of $23.20 and a 12-month high of $39.20.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, January 18th. The industrial products company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $97.74 million during the quarter, compared to analyst estimates of $94.90 million. Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. Insteel Industries’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.23 EPS.

A number of equities research analysts have weighed in on IIIN shares. TheStreet upgraded Insteel Industries from a “c+” rating to a “b-” rating in a research note on Wednesday, January 17th. Sidoti started coverage on Insteel Industries in a research note on Monday, December 18th. They set a “buy” rating and a $34.00 price objective for the company. Finally, BidaskClub upgraded Insteel Industries from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 23rd.

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About Insteel Industries

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).

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