Inceptionr LLC Takes Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Inceptionr LLC purchased a new position in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,650 shares of the industrial products company's stock, valued at approximately $261,000.

Several other institutional investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in shares of Insteel Industries by 4.2% in the fourth quarter. Victory Capital Management Inc. now owns 88,367 shares of the industrial products company's stock valued at $2,387,000 after purchasing an additional 3,600 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Insteel Industries by 535.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company's stock worth $53,000 after acquiring an additional 1,660 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Insteel Industries by 36.5% in the 4th quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company's stock worth $6,794,000 after acquiring an additional 67,244 shares in the last quarter. Cardinal Capital Management raised its holdings in shares of Insteel Industries by 6.7% in the fourth quarter. Cardinal Capital Management now owns 36,610 shares of the industrial products company's stock valued at $989,000 after purchasing an additional 2,292 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Insteel Industries by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 94,603 shares of the industrial products company's stock valued at $2,555,000 after purchasing an additional 2,746 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company's stock.

Remove Ads

Insteel Industries Stock Down 1.4 %

Insteel Industries stock traded down $0.37 during midday trading on Thursday, hitting $26.17. 120,242 shares of the stock were exchanged, compared to its average volume of 121,776. The stock has a market capitalization of $508.55 million, a price-to-earnings ratio of 26.44, a price-to-earnings-growth 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. The business's 50-day moving average price is $27.88 and its 200-day moving average price is $29.18.

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

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, March 14th. Insteel Industries's dividend payout ratio (DPR) is currently 12.12%.

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.