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

Icon Advisers Inc. Co. acquired a new position in shares of Insteel Industries, Inc. (NYSE:IIIN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 93,000 shares of the company’s stock, valued at approximately $3,126,000.

A number of other institutional investors have also recently bought and sold shares of IIIN. Hennion & Walsh Asset Management Inc. raised its holdings in Insteel Industries by 6.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,641 shares of the company’s stock worth $210,000 after purchasing an additional 416 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Insteel Industries by 5.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,421 shares of the company’s stock valued at $361,000 after buying an additional 508 shares during the period. Unison Advisors LLC increased its position in shares of Insteel Industries by 3.0% in the 1st quarter. Unison Advisors LLC now owns 18,736 shares of the company’s stock valued at $630,000 after buying an additional 540 shares in the last quarter. Kennedy Capital Management LLC increased its position in shares of Insteel Industries by 1.2% in the 4th quarter. Kennedy Capital Management LLC now owns 47,890 shares of the company’s stock valued at $1,517,000 after buying an additional 552 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in Insteel Industries by 30.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company’s stock worth $95,000 after buying an additional 583 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Trading Up 0.8%

IIIN stock opened at $31.68 on Thursday. The stock has a 50-day moving average price of $28.73 and a two-hundred day moving average price of $31.40. The stock has a market cap of $613.25 million, a PE ratio of 17.03, a price-to-earnings-growth ratio of 1.65 and a beta of 0.52. Insteel Industries, Inc. has a 1 year low of $24.35 and a 1 year high of $39.91.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings results on Thursday, July 16th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The company had revenue of $197.66 million for the quarter. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.During the same quarter last year, the firm earned $0.78 earnings per share. On average, analysts forecast that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

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

Analyst Upgrades and Downgrades

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

About Insteel Industries

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.