Insteel Industries Inc (IIIN) Short Interest Down 31.4% in February
Insteel Industries Inc (NASDAQ:IIIN) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 879,600 shares, a decrease of 31.4% from the February 15th total of 1,282,476 shares. Based on an average trading volume of 100,369 shares, the days-to-cover ratio is currently 8.8 days. Currently, 5.1% of the shares of the stock are short sold.
Several brokerages have recently issued reports on IIIN. BidaskClub upgraded Insteel Industries from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 23rd. TheStreet upgraded Insteel Industries from a “c+” rating to a “b-” rating in a research report on Wednesday, January 17th. Finally, Sidoti downgraded Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Thursday, January 18th.
In other news, VP James F. Petelle sold 1,237 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $31.38, for a total value of $38,817.06. The sale was disclosed in a filing with the SEC, which is available through this link. 5.70% of the stock is owned by corporate insiders.
Insteel Industries (NASDAQ IIIN) opened at $29.80 on Wednesday. Insteel Industries has a 12-month low of $23.20 and a 12-month high of $36.94. The firm has a market capitalization of $559.43, a PE ratio of 21.75 and a beta of 2.03.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The business had revenue of $97.74 million for the quarter, compared to analysts’ expectations of $94.90 million. During the same quarter last year, the company posted $0.23 earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 16th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $0.12 annualized dividend and a yield of 0.40%. Insteel Industries’s dividend payout ratio (DPR) is presently 8.76%.
Insteel Industries Company Profile
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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