Wedge Capital Management L L P NC Makes New Investment in Insteel Industries, Inc. $IIIN

Wedge Capital Management L L P NC acquired a new stake in Insteel Industries, Inc. (NYSE:IIIN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 48,130 shares of the company’s stock, valued at approximately $1,454,000.

Other hedge funds also recently made changes to their positions in the company. Advisory Services Network LLC bought a new position in shares of Insteel Industries during the 3rd quarter worth approximately $26,000. GAMMA Investing LLC raised its stake in Insteel Industries by 71.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,998 shares of the company’s stock valued at $60,000 after acquiring an additional 831 shares during the period. BNP Paribas Financial Markets raised its stake in Insteel Industries by 74.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,248 shares of the company’s stock valued at $84,000 after acquiring an additional 958 shares during the period. Quarry LP acquired a new stake in Insteel Industries during the 3rd quarter valued at $89,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Insteel Industries by 30.2% during the 2nd 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 last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings upgraded shares of Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 3rd. Zacks Research upgraded shares of Insteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. Finally, Wall Street Zen raised shares of Insteel Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy”.

Insteel Industries Stock Down 0.3%

Shares of Insteel Industries stock opened at $32.66 on Friday. The stock has a market capitalization of $632.30 million, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 1.72 and a beta of 0.50. Insteel Industries, Inc. has a twelve month low of $24.35 and a twelve month high of $39.91. The company has a 50-day simple moving average of $30.47 and a two-hundred day simple moving average of $31.29.

Insteel Industries (NYSE:IIIN) last announced its earnings results on Thursday, July 16th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. The firm had revenue of $197.66 million for the quarter. During the same quarter in the previous year, the company earned $0.78 EPS. On average, sell-side analysts anticipate that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. Insteel Industries’s dividend payout ratio is currently 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.