Robotti Robert buys $6,549,321 stake in Insteel Industries Inc (IIIN)

Insteel Industries Inc (IIIN) : Robotti Robert scooped up 5,580 additional shares in Insteel Industries Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 11, 2016. The investment management firm now holds a total of 190,998 shares of Insteel Industries Inc which is valued at $6,549,321.Insteel Industries Inc makes up approximately 2.22% of Robotti Robert’s portfolio.

Other Hedge Funds, Including , Royce Associates Lp reduced its stake in IIIN by selling 102,200 shares or 15.56% in the most recent quarter. The Hedge Fund company now holds 554,589 shares of IIIN which is valued at $19,127,775. Insteel Industries Inc makes up approx 0.12% of Royce Associates Lp’s portfolio.Gsa Capital Partners Llp reduced its stake in IIIN by selling 8,467 shares or 35.32% in the most recent quarter. The Hedge Fund company now holds 15,507 shares of IIIN which is valued at $539,489. Insteel Industries Inc makes up approx 0.03% of Gsa Capital Partners Llp’s portfolio.Acadian Asset Management boosted its stake in IIIN in the latest quarter, The investment management firm added 196,638 additional shares and now holds a total of 492,345 shares of Insteel Industries Inc which is valued at $15,508,868. Insteel Industries Inc makes up approx 0.08% of Acadian Asset Management’s portfolio.

Insteel Industries Inc opened for trading at $34 and hit $34.55 on the upside on Tuesday, eventually ending the session at $34.32, with a gain of 1.00% or 0.34 points. The heightened volatility saw the trading volume jump to 1,41,275 shares. Company has a market cap of $649 M.

On the company’s financial health, Insteel Industries Inc reported $0.71 EPS for the quarter, beating the analyst consensus estimate by $ 0.17 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.54. The company had revenue of $115.60 million for the quarter, compared to analysts expectations of $118.63 million. The company’s revenue was down -1.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.32 EPS.

Many Wall Street Analysts have commented on Insteel Industries Inc. Company shares were Reiterated by Rosenblatt on Jul 22, 2016 to “Neutral”, Firm has raised the Price Target to $ 34 from a previous price target of $31 .

Insteel Industries Inc. (Insteel) is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets PC strand and welded wire reinforcement (WWR) including Engineered Structural Mesh (ESM) concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR). The Company’s products are sold to manufacturers of concrete products that are used in nonresidential construction. Insteel has two wholly owned subsidiaries Insteel Wire Products Company (IWP) an operating subsidiary and Intercontinental Metals Corporation an inactive subsidiary. The Company’s concrete reinforcing products consist of PC strand and WWR. PC strand provides reinforcement for bridges parking decks buildings and other concrete structures. Welded Wire Reinforcement produces engineered reinforcing product for use in nonresidential and residential construction.

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