Arrowstreet Capital Limited Partnership Reduces Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Arrowstreet Capital Limited Partnership reduced its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 64.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,645 shares of the industrial products company's stock after selling 97,223 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.27% of Insteel Industries worth $1,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Robotti Robert raised its stake in Insteel Industries by 0.4% in the fourth quarter. Robotti Robert now owns 299,245 shares of the industrial products company's stock valued at $8,083,000 after buying an additional 1,110 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Insteel Industries by 131.4% during the 4th quarter. JPMorgan Chase & Co. now owns 32,541 shares of the industrial products company's stock worth $879,000 after purchasing an additional 18,480 shares during the period. Vanguard Group Inc. raised its holdings in Insteel Industries by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company's stock worth $33,523,000 after purchasing an additional 41,908 shares during the period. Bridge City Capital LLC grew its stake in Insteel Industries by 0.8% in the 4th quarter. Bridge City Capital LLC now owns 126,077 shares of the industrial products company's stock valued at $3,405,000 after acquiring an additional 1,027 shares during the period. Finally, Oppenheimer & Close LLC acquired a new position in shares of Insteel Industries during the 4th quarter worth about $3,710,000. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Performance

Shares of NASDAQ:IIIN traded up $3.19 during midday trading on Thursday, hitting $29.91. The company's stock had a trading volume of 109,992 shares, compared to its average volume of 137,135. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $35.52. The company has a market cap of $581.18 million, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 1.81 and a beta of 0.94. The business's 50 day simple moving average is $27.52 and its 200 day simple moving average is $28.17.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last announced its earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). The firm had revenue of $129.70 million during the quarter, compared to analysts' expectations of $117.45 million. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 EPS. On average, sell-side analysts predict that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.03 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.40%. Insteel Industries's dividend payout ratio is presently 12.12%.

Insteel Industries Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.