Price Action to Note: What’s Propelling Insteel Industries Inc to Reach 52-Week High?

Price Action to Note: What's Propelling Insteel Industries Inc to Reach 52 Week High?

The stock of Insteel Industries Inc (NASDAQ:IIIN) hit a new 52-week high and has $59.11 target or 62.00% above today’s $36.49 share price. The 6 months bullish chart indicates low risk for the $679.73M company. The 1-year high was reported on Sep, 30 by Barchart.com. If the $59.11 price target is reached, the company will be worth $421.43 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 51,919 shares traded hands. Insteel Industries Inc (NASDAQ:IIIN) has risen 40.86% since February 26, 2016 and is uptrending. It has outperformed by 30.43% the S&P500.

Analysts await Insteel Industries Inc (NASDAQ:IIIN) to report earnings on October, 27.

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 decreased to 1.03 in 2016 Q2. Its down 0.80, from 1.83 in 2016Q1. The ratio is negative, 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.
Paradigm Mngmt Incorporated Ny accumulated 0.7% or 201,116 shares. Pacific Glob Mngmt Company holds 0.81% of its portfolio in Insteel Industries Inc (NASDAQ:IIIN) for 123,195 shares. Numeric Investors has invested 0.1% of its portfolio in Insteel Industries Inc (NASDAQ:IIIN). Price T Rowe Associates Md last reported 0% of its portfolio in the stock. Commercial Bank Of America De has 0% invested in the company for 18,425 shares. Invesco Ltd holds 0% or 55,845 shares in its portfolio. Vanguard Gp reported 944,338 shares or 0% of all its holdings. Robotti Robert holds 190,998 shares or 1.97% of its portfolio. Dimensional Fund Advsrs Ltd Partnership accumulated 1.16 million shares or 0.02% of the stock. Axa reported 17,900 shares or 0% of all its holdings. Eidelman Virant Capital last reported 19,000 shares in the company. Franklin has 376,600 shares for 0.01% of their US portfolio. Blackrock last reported 0% of its portfolio in the stock. Morgan Stanley has 0% invested in the company for 89,229 shares. Wellington Group Llp holds 0.01% of its portfolio in Insteel Industries Inc (NASDAQ:IIIN) for 746,730 shares.

Insider Transactions: Since April 25, 2016, the stock had 0 buys, and 17 sales for $7.12 million net activity. $471,053 worth of Insteel Industries Inc (NASDAQ:IIIN) was sold by Jafroodi Scot R on Thursday, April 28. 59,723 shares were sold by GAZMARIAN MICHAEL C, worth $2.08M. PECHOTA GARY L had sold 3,000 shares worth $85,731. PETELLE JAMES F sold $133,375 worth of Insteel Industries Inc (NASDAQ:IIIN) on Wednesday, June 8. Wagner Richard had sold 20,680 shares worth $587,519 on Monday, May 2. WOLTZ H O III also sold $689,360 worth of Insteel Industries Inc (NASDAQ:IIIN) shares. 1,500 shares were sold by NEWSOME CHARLES B, worth $50,135.

More news for Insteel Industries Inc (NASDAQ:IIIN) were recently published by: Prnewswire.com, which released: “Insteel Industries Announces Addition Of Joseph A. Rutkowski To Its Board Of …” on September 18, 2015. Prnewswire.com‘s article titled: “Insteel Industries Announces Consolidation Of Prestressed Concrete Strand …” and published on February 10, 2015 is yet another important article.

IIIN Company Profile

Insteel Industries, Inc. (Insteel), incorporated in 1958, is a maker of steel wire reinforcing products for concrete construction applications. The Firm makes 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.

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