A careful reading of these verses would seem to indicate they pertain to a time in the distant future from the days of Isaiah when the remnants of Israel are to be gathered together again. Concerning a possible interpretation of these verses, Elder LeGrand Richards has written:
From this scripture we learn that the events described were to be in the future: “The Lord shall set his hand again the second time to recover the remnant of his people.” There could not be a “second time” unless there had been a first. The first time was when the Lord led Israel out of Egyptian bondage and captivity. When did the Lord set his hand the “second time” to recover the remnant of his people? This we will now consider. From the above scripture we learn that three important events were to transpire: (1) He shall set up an ensign for the nations; (2) he shall assemble the outcasts of Israel; (3) he shall gather together the dispersed of Judah from the four corners of the earth.It is clear there are to be two gathering places—one for Israel and one for Judah… .
When speaking of Israel, most people have the Jews in mind; and when referring to the gathering of Israel, they have in mind the return of the Jews to the land of Jerusalem. It should be remembered that the Jews, the descendants of Judah, represent but one of the twelve branches, or tribes, of the house of Israel—the family of Jacob.
The twelve tribes of Israel were divided under two great heads—Judah, comprising the smaller group, and Israel, the larger group. (A Marvelous Work and a Wonder, 1976 ed., revised and enlarged, pp. 202-3.)