Insteel Industries Inc (NASDAQ:IIIN) Short Interest Update

Insteel Industries Inc (NASDAQ:IIIN) saw a large growth in short interest in the month of December. As of December 29th, there was short interest totalling 1,420,558 shares, a growth of 66.4% from the December 15th total of 853,888 shares. Currently, 7.9% of the company’s shares are sold short. Based on an average daily volume of 140,527 shares, the days-to-cover ratio is currently 10.1 days.

A number of research analysts have recently issued reports on the company. BidaskClub cut Insteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. TheStreet raised Insteel Industries from a “c+” rating to a “b-” rating in a research report on Wednesday, January 17th. Finally, Sidoti cut Insteel Industries from a “buy” rating to a “neutral” rating in a report on Thursday, January 18th.

Several hedge funds have recently bought and sold shares of IIIN. Schwab Charles Investment Management Inc. lifted its holdings in Insteel Industries by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock valued at $2,525,000 after acquiring an additional 987 shares during the last quarter. SG Americas Securities LLC acquired a new position in Insteel Industries in the second quarter valued at approximately $256,000. Legal & General Group Plc lifted its holdings in Insteel Industries by 7.2% in the second quarter. Legal & General Group Plc now owns 31,350 shares of the industrial products company’s stock valued at $1,034,000 after acquiring an additional 2,104 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Insteel Industries by 31.7% in the second quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock valued at $270,000 after acquiring an additional 1,971 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Insteel Industries by 8.1% in the second quarter. Victory Capital Management Inc. now owns 11,884 shares of the industrial products company’s stock valued at $392,000 after acquiring an additional 886 shares during the last quarter. Institutional investors and hedge funds own 82.15% of the company’s stock.

Shares of Insteel Industries (IIIN) traded down $0.87 during trading on Monday, hitting $29.74. The company had a trading volume of 187,217 shares, compared to its average volume of 150,017. Insteel Industries has a 1 year low of $23.20 and a 1 year high of $39.20. The stock has a market cap of $582.85, a price-to-earnings ratio of 22.34 and a beta of 2.01.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The business had revenue of $97.74 million during the quarter, compared to analysts’ expectations of $94.90 million. During the same quarter in the prior year, the firm earned $0.23 EPS. Insteel Industries’s revenue for the quarter was up 4.1% on a year-over-year basis.

ILLEGAL ACTIVITY WARNING: “Insteel Industries Inc (NASDAQ:IIIN) Short Interest Update” was first reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this piece of content on another website, it was stolen and reposted in violation of U.S. & international copyright law. The original version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/02/05/insteel-industries-inc-iiin-short-interest-up-66-4-in-december.html.

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).

Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply