Robotti Robert Takes $14.42 Million Position in Insteel Industries, Inc. $IIIN

Robotti Robert purchased a new stake in Insteel Industries, Inc. (NYSE:IIIN) in the second quarter, HoldingsChannel reports. The fund purchased 477,530 shares of the company’s stock, valued at approximately $14,421,000. Insteel Industries comprises about 2.3% of Robotti Robert’s investment portfolio, making the stock its 11th biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IIIN. BlackRock Inc. bought a new stake in Insteel Industries during the second quarter worth approximately $46,014,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Insteel Industries during the second quarter valued at approximately $9,023,000. Bank of New York Mellon Corp bought a new stake in shares of Insteel Industries in the 2nd quarter valued at approximately $6,726,000. Algert Global LLC lifted its stake in shares of Insteel Industries by 360.5% in the 3rd quarter. Algert Global LLC now owns 166,514 shares of the company’s stock valued at $6,384,000 after purchasing an additional 130,354 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Insteel Industries by 159.8% in the 4th quarter. Invesco Ltd. now owns 201,872 shares of the company’s stock worth $6,393,000 after purchasing an additional 124,162 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Down 2.4%

Shares of IIIN opened at $32.02 on Wednesday. The firm has a fifty day moving average price of $30.65 and a 200-day moving average price of $31.28. The firm has a market capitalization of $619.82 million, a P/E ratio of 17.21, a P/E/G ratio of 1.71 and a beta of 0.50. Insteel Industries, Inc. has a 12-month low of $24.35 and a 12-month high of $39.91.

Insteel Industries (NYSE:IIIN) last posted its quarterly earnings results on Thursday, July 16th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. The company had revenue of $197.66 million for the quarter. During the same period in the prior year, the business earned $0.78 EPS. Analysts predict that Insteel Industries, Inc. will post 1.59 earnings per share for the current year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, September 11th. Insteel Industries’s dividend payout ratio is currently 6.45%.

Analyst Ratings Changes

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

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.