Insteel Industries, Inc. (NASDAQ:IIIN) Shares Sold by Canal Capital Management LLC

Canal Capital Management LLC cut its stake in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 15.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,460 shares of the industrial products company's stock after selling 16,416 shares during the period. Canal Capital Management LLC owned 0.46% of Insteel Industries worth $2,416,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Insteel Industries by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company's stock valued at $33,523,000 after acquiring an additional 41,908 shares in the last quarter. State Street Corp increased its holdings in shares of Insteel Industries by 4.9% during the third quarter. State Street Corp now owns 761,492 shares of the industrial products company's stock valued at $23,675,000 after purchasing an additional 35,859 shares during the period. American Century Companies Inc. raised its stake in shares of Insteel Industries by 1.1% during the fourth quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company's stock valued at $14,518,000 after purchasing an additional 5,935 shares in the last quarter. First Eagle Investment Management LLC lifted its holdings in Insteel Industries by 17.8% in the fourth quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company's stock worth $12,688,000 after purchasing an additional 70,878 shares during the period. Finally, Geode Capital Management LLC grew its position in Insteel Industries by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company's stock valued at $13,523,000 after buying an additional 3,612 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Performance

Shares of IIIN stock traded down $0.28 during midday trading on Wednesday, reaching $32.25. 193,950 shares of the company were exchanged, compared to its average volume of 140,464. The company's 50 day moving average price is $27.59 and its two-hundred day moving average price is $28.20. The company has a market cap of $626.67 million, a P/E ratio of 32.58, a PEG ratio of 1.81 and a beta of 0.94. Insteel Industries, Inc. has a 12 month low of $22.49 and a 12 month high of $35.52.

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.37%. The ex-dividend date was Friday, March 14th. Insteel Industries's dividend payout ratio (DPR) is presently 10.34%.

Insteel Industries Company 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.