Icon Advisers Inc. Co. Takes Position in Insteel Industries, Inc. $IIIN

Icon Advisers Inc. Co. purchased a new position in Insteel Industries, Inc. (NYSE:IIIN) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 93,000 shares of the company’s stock, valued at approximately $3,126,000. Icon Advisers Inc. Co. owned approximately 0.48% of Insteel Industries at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. First Trust Advisors LP increased its holdings in Insteel Industries by 1.2% in the first quarter. First Trust Advisors LP now owns 62,565 shares of the company’s stock worth $2,103,000 after buying an additional 725 shares during the last quarter. Summit Global Investments increased its stake in shares of Insteel Industries by 70.3% in the first quarter. Summit Global Investments now owns 16,464 shares of the company’s stock worth $553,000 after purchasing an additional 6,794 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Insteel Industries by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company’s stock worth $36,559,000 after buying an additional 24,429 shares during the last quarter. Swiss National Bank raised its stake in Insteel Industries by 1.9% during the 1st quarter. Swiss National Bank now owns 38,300 shares of the company’s stock valued at $1,287,000 after purchasing an additional 700 shares during the last quarter. Finally, Watershed Asset Management L.L.C. lifted its stake in shares of Insteel Industries by 10.3% in the first quarter. Watershed Asset Management L.L.C. now owns 14,890 shares of the company’s stock valued at $500,000 after buying an additional 1,389 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Price Performance

IIIN opened at $31.68 on Thursday. The company has a market cap of $613.25 million, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.65 and a beta of 0.52. The firm has a 50 day simple moving average of $28.73 and a 200 day simple moving average of $31.40. Insteel Industries, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $39.91.

Insteel Industries (NYSE:IIIN) last announced its quarterly earnings data on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, beating 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 business had revenue of $197.66 million for the quarter. During the same quarter in the prior year, the company earned $0.78 earnings per share. As a group, analysts expect that Insteel Industries, Inc. will post 1.59 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, June 12th. Insteel Industries’s dividend payout ratio (DPR) is currently 6.45%.

Analyst Ratings Changes

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

Insteel Industries Company 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.