Bank of New York Mellon Corp Boosts Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Bank of New York Mellon Corp lifted its holdings in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 36.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 251,547 shares of the industrial products company's stock after buying an additional 67,244 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.29% of Insteel Industries worth $6,794,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of IIIN. Point72 Asset Management L.P. bought a new stake in Insteel Industries during the third quarter worth about $34,000. Point72 DIFC Ltd purchased a new stake in shares of Insteel Industries in the 3rd quarter worth approximately $37,000. Nisa Investment Advisors LLC increased its position in Insteel Industries by 3,568.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company's stock valued at $69,000 after buying an additional 2,498 shares in the last quarter. Quantbot Technologies LP purchased a new position in Insteel Industries during the third quarter valued at $121,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Insteel Industries by 100.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company's stock worth $175,000 after acquiring an additional 2,812 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Down 1.6 %

Shares of NASDAQ:IIIN traded down $0.43 on Thursday, hitting $27.54. 52,479 shares of the company traded hands, compared to its average volume of 121,419. The stock has a 50 day simple moving average of $28.04 and a 200-day simple moving average of $28.94. The company has a market cap of $535.05 million, a PE ratio of 27.90, a PEG ratio of 1.81 and a beta of 1.13. Insteel Industries, Inc. has a 52 week low of $23.60 and a 52 week high of $38.40.

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Insteel Industries (NASDAQ:IIIN - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). The firm had revenue of $129.70 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $0.06 earnings per share. As a group, sell-side analysts anticipate that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.44%. Insteel Industries's dividend payout ratio (DPR) 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.