StockNews.com lowered shares of Insteel Industries (NASDAQ:IIIN - Free Report) from a buy rating to a hold rating in a report issued on Saturday morning.
Insteel Industries Stock Down 2.0 %
Shares of NASDAQ:IIIN traded down $0.58 during midday trading on Friday, reaching $27.82. 84,995 shares of the company traded hands, compared to its average volume of 135,834. Insteel Industries has a 12 month low of $26.74 and a 12 month high of $39.38. The firm's fifty day moving average price is $30.95 and its two-hundred day moving average price is $31.71. The firm has a market capitalization of $540.82 million, a price-to-earnings ratio of 27.34, a price-to-earnings-growth ratio of 2.21 and a beta of 1.10.
Insteel Industries Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Friday, September 13th. Insteel Industries's dividend payout ratio is presently 12.12%.
Institutional Investors Weigh In On Insteel Industries
A number of institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in Insteel Industries by 14.6% during the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company's stock valued at $14,480,000 after purchasing an additional 59,591 shares during the last quarter. First Eagle Investment Management LLC increased its stake in Insteel Industries by 26.8% in the second quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company's stock valued at $10,954,000 after acquiring an additional 74,791 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in Insteel Industries by 2.0% during the second quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company's stock valued at $8,526,000 after purchasing an additional 5,313 shares in the last quarter. Robotti Robert lifted its stake in Insteel Industries by 6.2% during the first quarter. Robotti Robert now owns 262,780 shares of the industrial products company's stock worth $10,043,000 after purchasing an additional 15,415 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Insteel Industries by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 108,185 shares of the industrial products company's stock worth $4,135,000 after purchasing an additional 1,276 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company's stock.
Insteel Industries Company Profile
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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.
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