Rating Change: InSteel Industries (IIIN)’s Is Reaching An Inflection Point; Sidoti Upgrades It

November 23, 2016 - By Winifred Garcia

Rating Change:  InSteel Industries (IIIN)'s Is Reaching An Inflection Point; Sidoti Upgrades It

InSteel Industries (IIIN) Upgrade

Professional analysts at Sidoti’s equity division boosted InSteel Industries (IIIN)‘s stock from a Neutral to Buy on 22 November.

The stock increased 4.31% or $1.48 during the last trading session, hitting $35.82. Insteel Industries Inc (IIIN) has risen 24.90% since April 21, 2016 and is uptrending. It has outperformed by 19.57% the S&P500.

Insitutional Activity: The institutional sentiment increased to 1.42 in Q2 2016. Its up 0.39, from 1.03 in 2016Q1. The ratio improved, as 15 funds sold all Insteel Industries Inc shares owned while 53 reduced positions. 29 funds bought stakes while 41 increased positions. They now own 14.39 million shares or 2.56% more from 14.03 million shares in 2016Q1.

Blackrock Japan Communications, a Japan-based fund reported 1,351 shares. Cortina Asset Management Ltd Liability Corp, a Wisconsin-based fund reported 142,502 shares. Diam Ltd accumulated 25,508 shares or 0.01% of the stock. Waddell Reed Fin has 98,600 shares for 0.01% of their US portfolio. Federated Investors Pa has 0% invested in the company for 177 shares. Springbok Cap Mgmt last reported 8,336 shares in the company. Cornerstone Capital Hldg Ltd Llc has 108,254 shares for 0.02% of their US portfolio. Wells Fargo & Mn has 0% invested in the company for 17,174 shares. Hanseatic Mgmt accumulated 0% or 44 shares. Great West Life Assurance Can has 6,198 shares for 0% of their US portfolio. Manufacturers Life Ins Co The holds 0% of its portfolio in Insteel Industries Inc (NASDAQ:IIIN) for 12,369 shares. Renaissance Techs Limited Liability Corp has 0.01% invested in the company for 215,200 shares. Buckhead Llc holds 35,385 shares or 0.18% of its portfolio. Parametric Port Assoc Limited Liability Company holds 12,152 shares or 0% of its portfolio. National Bank & Trust Of Montreal Can reported 5,064 shares or 0% of all its holdings.

Insider Transactions: Since May 31, 2016, the stock had 0 insider purchases, and 12 insider sales for $5.40 million net activity. GAZMARIAN MICHAEL C had sold 59,723 shares worth $2.08M on Tuesday, July 26. 766 Insteel Industries Inc (NASDAQ:IIIN) shares with value of $26,279 were sold by PETELLE JAMES F. 1,500 shares were sold by NEWSOME CHARLES B, worth $50,135 on Friday, June 24. The insider WOLTZ H O III sold $689,360. On Tuesday, May 31 Wagner Richard sold $603,156 worth of the stock or 21,791 shares. The insider Jafroodi Scot R sold 10,345 shares worth $358,915.

Insteel Industries, Inc. is a manufacturer of steel wire reinforcing products for concrete construction applications. The company has a market cap of $696.75 million. The Company’s activities are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. It has a 18.35 P/E ratio. The Company’s concrete reinforcing products consist of two product lines: prestressed concrete strand and welded wire reinforcement (WWR).

According to Zacks Investment Research, “Insteel Industries is one of the nation’s largest manufacturers of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets prestressed concrete strand and welded wire reinforcement, including concrete pipe reinforcement, engineered structural mesh and standard welded wire reinforcement. Insteel’s products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. Headquartered in Mount Airy, North Carolina, Insteel operates six manufacturing facilities located in the United States.”

IIIN Company Profile

Insteel Industries, Inc., incorporated on December 1, 1958, is a maker of steel wire reinforcing products for concrete construction applications. The Company’s activities are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. The Company’s concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). The Company’s products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. The Firm sells its products nationwide across the United States, Canada, Mexico, and Central and South America.

More notable recent Insteel Industries Inc (NASDAQ:IIIN) news were published by: Prnewswire.com which released: “Insteel Industries Reports Fourth Quarter and Fiscal 2016 Financial Results” on October 20, 2016, also Prnewswire.com with their article: “Insteel Industries Announces Appointment And Retirement Of Directors” published on March 02, 2016, Streetinsider.com published: “Form 8-K INSTEEL INDUSTRIES INC For: Nov 15” on November 15, 2016. More interesting news about Insteel Industries Inc (NASDAQ:IIIN) were released by: Seekingalpha.com and their article: “Insteel Industries: Rising On The Tide Of Construction Activity” published on February 23, 2016 as well as Seekingalpha.com‘s news article titled: “Insteel Industries Has Never Been In A Better Position” with publication date: February 29, 2016.

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