Insteel Industries (NASDAQ:IIIN) Shares Gap Up - What's Next?

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $26.72, but opened at $29.55. Insteel Industries shares last traded at $29.06, with a volume of 54,743 shares.

Insteel Industries Stock Up 7.5 %

The company has a 50 day simple moving average of $27.53 and a 200 day simple moving average of $28.14. The company has a market capitalization of $633.88 million, a price-to-earnings ratio of 32.95, a price-to-earnings-growth ratio of 1.81 and a beta of 0.94.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend was Friday, March 14th. Insteel Industries's dividend payout ratio is presently 10.34%.

Institutional Investors Weigh In On Insteel Industries

Several large investors have recently made changes to their positions in IIIN. Smartleaf Asset Management LLC lifted its stake in Insteel Industries by 535.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 1,660 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Insteel Industries by 3,568.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company's stock worth $69,000 after acquiring an additional 2,498 shares during the period. AlphaQuest LLC acquired a new stake in Insteel Industries in the 4th quarter valued at approximately $83,000. KLP Kapitalforvaltning AS bought a new stake in Insteel Industries in the 4th quarter valued at $97,000. Finally, State of Wyoming lifted its position in shares of Insteel Industries by 76.4% in the 4th quarter. State of Wyoming now owns 5,554 shares of the industrial products company's stock worth $150,000 after acquiring an additional 2,406 shares during the period. Institutional investors and hedge funds own 83.27% of the company's stock.

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.