The stock of Insteel Industries Inc (NASDAQ:IIIN) hit a new 52-week high and has $43.18 target or 6.00% above today’s $40.74 share price. The 8 months bullish chart indicates low risk for the $789.47 million company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $43.18 price target is reached, the company will be worth $47.37 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 204,216 shares traded hands. Insteel Industries Inc (NASDAQ:IIIN) has risen 21.57% since April 22, 2016 and is uptrending. It has outperformed by 16.16% the S&P500.
Analysts await Insteel Industries Inc (NASDAQ:IIIN) to report earnings on January, 19.
Insteel Industries Inc (NASDAQ:IIIN) Ratings Coverage
Out of 2 analysts covering InSteel Industries (NASDAQ:IIIN), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. InSteel Industries has been the topic of 2 analyst reports since July 22, 2016 according to StockzIntelligence Inc. The firm has “Buy” rating given on Tuesday, November 22 by Sidoti. The stock of Insteel Industries Inc (NASDAQ:IIIN) earned “Neutral” rating by Rosenblatt on Friday, July 22.
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.”
Insitutional Activity: The institutional sentiment increased to 1.42 in Q2 2016. Its up 0.39, from 1.03 in 2016Q1. The ratio is positive, 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.
Axa holds 0% of its portfolio in Insteel Industries Inc (NASDAQ:IIIN) for 17,900 shares. Panagora Asset Management has 828 shares for 0% of their US portfolio. Creative Planning holds 450 shares or 0% of its portfolio. Hanseatic Mgmt Service Inc has 44 shares for 0% of their US portfolio. Deutsche Bank Ag accumulated 0% or 59,642 shares. Oppenheimer & Close Limited Liability Company has 3.7% invested in the company for 137,631 shares. Wellington Management Grp Ltd Liability Partnership holds 746,730 shares or 0.01% of its portfolio. Carroll Associates owns 14 shares or 0% of their US portfolio. State Board Of Administration Of Florida Retirement Systems, a Florida-based fund reported 18,742 shares. Moreover, Us Bank De has 0% invested in Insteel Industries Inc (NASDAQ:IIIN) for 1,553 shares. Principal Fin Incorporated has invested 0.01% of its portfolio in Insteel Industries Inc (NASDAQ:IIIN). California Public Employees Retirement Systems accumulated 0% or 79,800 shares. Cadence Cap Limited Com accumulated 32,926 shares or 0.07% of the stock. Sei Investments Co accumulated 0% or 579 shares. Hennessy last reported 171,300 shares in the company.
Insider Transactions: Since May 31, 2016, the stock had 0 buys, and 12 sales for $5.40 million net activity. The insider PETELLE JAMES F sold $413,429. WOLTZ H O III sold $689,360 worth of Insteel Industries Inc (NASDAQ:IIIN) on Tuesday, August 30. The insider Wagner Richard sold $603,156. Shares for $358,915 were sold by Jafroodi Scot R on Wednesday, July 27. Another trade for 1,500 shares valued at $50,135 was sold by NEWSOME CHARLES B. 59,723 shares were sold by GAZMARIAN MICHAEL C, worth $2.08 million.
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 Streetinsider.com with their article: “Littelfuse (LFUS) to Join S&P MidCap 400, Insteel Industries (IIIN) to Join S …” published on November 23, 2016, Prnewswire.com published: “Littelfuse Set to Join the S&P MidCap 400; Insteel Industries to Join S&P …” on November 23, 2016. More interesting news about Insteel Industries Inc (NASDAQ:IIIN) were released by: Prnewswire.com and their article: “Insteel Industries Declares Regular Quarterly And Special Cash Dividends” published on November 15, 2016 as well as Prnewswire.com‘s news article titled: “Insteel Industries Announces Appointment And Retirement Of Directors” with publication date: March 02, 2016.
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.
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