Posted by admin on Jul 30th, 2022
Insteel Industries (NASDAQ:IIIN – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.
Shares of NASDAQ IIIN opened at $31.30 on Friday. Insteel Industries has a twelve month low of $29.89 and a twelve month high of $47.70. The stock’s 50 day moving average price is $37.19 and its 200-day moving average price is $38.55. The company has a market capitalization of $610.54 million, a PE ratio of 4.88 and a beta of 1.30.
In related news, COO Richard Wagner sold 10,576 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $42.58, for a total value of $450,326.08. Following the transaction, the chief operating officer now owns 36,620 shares in the company, valued at $1,559,279.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Richard Wagner sold 10,576 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $42.58, for a total value of $450,326.08. Following the transaction, the chief operating officer now owns 36,620 shares in the company, valued at $1,559,279.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP James F. Petelle sold 2,407 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $45.84, for a total value of $110,336.88. Following the completion of the transaction, the vice president now owns 17,078 shares in the company, valued at approximately $782,855.52. The disclosure for this sale can be found here. Insiders have sold 14,571 shares of company stock worth $631,937 in the last 90 days. Insiders own 5.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Insteel Industries by 1.0% during the 1st quarter. BlackRock Inc. now owns 3,160,709 shares of the industrial products company’s stock valued at $116,914,000 after acquiring an additional 30,137 shares during the period. Vanguard Group Inc. raised its holdings in Insteel Industries by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 1,354,239 shares of the industrial products company’s stock valued at $50,093,000 after acquiring an additional 55,935 shares during the period. Royce & Associates LP raised its holdings in Insteel Industries by 20.3% during the 1st quarter. Royce & Associates LP now owns 653,819 shares of the industrial products company’s stock valued at $24,185,000 after acquiring an additional 110,398 shares during the period. State Street Corp raised its holdings in Insteel Industries by 2.9% during the 1st quarter. State Street Corp now owns 601,629 shares of the industrial products company’s stock valued at $22,254,000 after acquiring an additional 16,742 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Insteel Industries by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 507,659 shares of the industrial products company’s stock valued at $20,210,000 after acquiring an additional 93,399 shares during the period. Hedge funds and other institutional investors own 78.59% of the company’s stock.
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed 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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