Insteel Industries Inc (NASDAQ:IIIN) Short Interest Down 5.1% in May

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Insteel Industries Inc (NASDAQ:IIIN) was the recipient of a significant decline in short interest in May. As of May 15th, there was short interest totalling 313,700 shares, a decline of 5.1% from the April 30th total of 330,400 shares. Based on an average daily trading volume, of 118,800 shares, the short-interest ratio is presently 2.6 days. Approximately 1.7% of the shares of the stock are short sold.

Shares of IIIN stock opened at $16.65 on Friday. Insteel Industries has a 1 year low of $10.00 and a 1 year high of $26.61. The firm’s 50 day moving average is $15.94 and its 200-day moving average is $19.57. The firm has a market capitalization of $319.34 million, a price-to-earnings ratio of 59.21 and a beta of 1.94.

Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, April 16th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.14. Insteel Industries had a net margin of 1.18% and a return on equity of 2.16%. The company had revenue of $114.86 million for the quarter.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.72%.

Several hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC acquired a new position in shares of Insteel Industries during the first quarter worth approximately $1,367,000. Squarepoint Ops LLC lifted its position in shares of Insteel Industries by 10.2% during the first quarter. Squarepoint Ops LLC now owns 13,500 shares of the industrial products company’s stock worth $179,000 after purchasing an additional 1,253 shares in the last quarter. Invesco Ltd. lifted its position in shares of Insteel Industries by 2.4% during the first quarter. Invesco Ltd. now owns 59,973 shares of the industrial products company’s stock worth $794,000 after purchasing an additional 1,429 shares in the last quarter. Morgan Stanley raised its stake in shares of Insteel Industries by 110.0% during the first quarter. Morgan Stanley now owns 187,677 shares of the industrial products company’s stock worth $2,487,000 after buying an additional 98,317 shares during the last quarter. Finally, Ranger Investment Management L.P. raised its stake in shares of Insteel Industries by 4.3% during the first quarter. Ranger Investment Management L.P. now owns 87,428 shares of the industrial products company’s stock worth $1,158,000 after buying an additional 3,604 shares during the last quarter. Institutional investors own 75.94% of the company’s stock.

A number of research firms have commented on IIIN. Sidoti boosted their price target on shares of Insteel Industries from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. BidaskClub lowered shares of Insteel Industries from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 14th.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.

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