Separately, Sidoti downgraded Insteel Industries from a buy rating to a neutral rating and set a $19.00 price objective on the stock. in a report on Wednesday, June 10th.
NASDAQ IIIN traded down $0.04 on Tuesday, hitting $18.83. 648 shares of the company were exchanged, compared to its average volume of 107,809. The company’s 50 day moving average price is $19.04 and its 200-day moving average price is $18.12. The firm has a market capitalization of $384.43 million, a P/E ratio of 38.45 and a beta of 1.88. Insteel Industries has a twelve month low of $10.00 and a twelve month high of $26.61.
In other Insteel Industries news, VP James F. Petelle sold 1,270 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $20.05, for a total transaction of $25,463.50. Following the sale, the vice president now owns 15,383 shares in the company, valued at approximately $308,429.15. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.10% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of IIIN. Assenagon Asset Management S.A. increased its holdings in shares of Insteel Industries by 1,793.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 213,900 shares of the industrial products company’s stock valued at $4,079,000 after purchasing an additional 202,606 shares during the period. Acuitas Investments LLC acquired a new position in shares of Insteel Industries in the 2nd quarter valued at about $2,779,000. AQR Capital Management LLC acquired a new position in shares of Insteel Industries in the 1st quarter valued at about $1,367,000. Morgan Stanley increased its holdings in shares of Insteel Industries by 110.0% in the 1st quarter. Morgan Stanley now owns 187,677 shares of the industrial products company’s stock valued at $2,487,000 after purchasing an additional 98,317 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in shares of Insteel Industries in the 1st quarter valued at about $1,152,000. Institutional investors own 78.75% of the company’s stock.
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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