Insteel Industries, Inc. (NYSE:IIIN) Sees Significant Growth in Short Interest

Insteel Industries, Inc. (NYSE:IIIN) was the recipient of a large growth in short interest in April. As of April 30th, there was short interest totaling 764,753 shares, a growth of 77.4% from the April 15th total of 431,140 shares. Based on an average trading volume of 442,893 shares, the days-to-cover ratio is currently 1.7 days. Currently, 4.2% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IIIN. Wall Street Zen downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Monday, May 4th. Weiss Ratings downgraded shares of Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Finally, Zacks Research downgraded shares of Insteel Industries from a “hold” rating to a “strong sell” rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce”.

Insiders Place Their Bets

In other Insteel Industries news, COO Richard Wagner sold 1,679 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the transaction, the chief operating officer directly owned 40,000 shares in the company, valued at approximately $1,506,800. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Insteel Industries

Institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC purchased a new stake in Insteel Industries in the third quarter valued at approximately $26,000. BNP Paribas Financial Markets grew its holdings in Insteel Industries by 74.3% in the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the company’s stock valued at $84,000 after purchasing an additional 958 shares during the period. Quarry LP purchased a new stake in Insteel Industries in the third quarter valued at approximately $89,000. Smartleaf Asset Management LLC grew its holdings in Insteel Industries by 30.2% in the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company’s stock valued at $95,000 after purchasing an additional 583 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in Insteel Industries by 372.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the company’s stock valued at $122,000 after purchasing an additional 2,588 shares during the period. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Price Performance

Shares of NYSE IIIN opened at $24.54 on Wednesday. The company has a market cap of $476.75 million, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.61 and a beta of 0.53. Insteel Industries has a 12 month low of $24.35 and a 12 month high of $41.64. The company has a 50-day simple moving average of $30.28 and a 200-day simple moving average of $32.28.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings results on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.53). The firm had revenue of $172.65 million for the quarter. Insteel Industries had a return on equity of 11.72% and a net margin of 6.16%.Insteel Industries’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. On average, analysts anticipate that Insteel Industries will post 1.32 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, June 12th. Insteel Industries’s payout ratio is presently 5.50%.

About Insteel Industries

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.