Insteel Industries Inc (IIIN) Short Interest Down 26.9% in November

Insteel Industries Inc (NASDAQ:IIIN) saw a large decline in short interest in November. As of November 15th, there was short interest totalling 892,658 shares, a decline of 26.9% from the October 31st total of 1,221,217 shares. Based on an average daily volume of 119,487 shares, the short-interest ratio is presently 7.5 days. Approximately 5.0% of the shares of the stock are short sold.

In related news, VP James F. Petelle sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the transaction, the vice president now directly owns 14,788 shares of the company’s stock, valued at approximately $400,902.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.70% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Texas Permanent School Fund raised its holdings in shares of Insteel Industries by 1.1% during the 2nd quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 134 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of Insteel Industries by 3.2% during 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 raised its holdings in shares of Insteel Industries by 6.1% during 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. Victory Capital Management Inc. raised its holdings in shares of Insteel Industries by 8.1% during the 2nd quarter. Victory Capital Management Inc. now owns 11,884 shares of the industrial products company’s stock worth $392,000 after acquiring an additional 886 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Insteel Industries by 1.3% during 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. 81.06% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts recently commented on the company. BidaskClub raised Insteel Industries from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Longbow Research cut Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. Finally, TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold”.

Shares of Insteel Industries (NASDAQ IIIN) opened at $27.65 on Thursday. The stock has a market capitalization of $520.77, a P/E ratio of 23.18 and a beta of 2.10. Insteel Industries has a twelve month low of $23.20 and a twelve month high of $41.13.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). The firm had revenue of $96.89 million for the quarter, compared to analysts’ expectations of $96.25 million. Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The firm’s revenue was down 6.0% on a year-over-year basis. During the same period last year, the company earned $0.51 earnings per share.

The company also recently disclosed a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be issued a dividend of $1.00 per share. The ex-dividend date is Tuesday, December 19th. This represents a dividend yield of 0.44%. Insteel Industries’s dividend payout ratio (DPR) is 10.17%.

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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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