Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report)'s share price was up 4.3% on Wednesday . The company traded as high as $28.28 and last traded at $28.23. Approximately 106,741 shares traded hands during mid-day trading, an increase of 1% from the average daily volume of 105,769 shares. The stock had previously closed at $27.07.
Analysts Set New Price Targets
Separately, StockNews.com upgraded Insteel Industries from a "hold" rating to a "buy" rating in a research note on Friday, October 18th.
Get Our Latest Analysis on IIIN
Insteel Industries Stock Performance
The company has a 50 day moving average price of $31.19 and a two-hundred day moving average price of $31.85. The firm has a market capitalization of $553.48 million, a price-to-earnings ratio of 22.87, a P/E/G ratio of 1.21 and a beta of 1.10.
Insteel Industries Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.03 per share. The ex-dividend date was Friday, September 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.42%. Insteel Industries's dividend payout ratio (DPR) is presently 9.68%.
Hedge Funds Weigh In On Insteel Industries
Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its stake in Insteel Industries by 409.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company's stock valued at $128,000 after acquiring an additional 2,685 shares in the last quarter. nVerses Capital LLC purchased a new stake in Insteel Industries in the 2nd quarter valued at $121,000. The Manufacturers Life Insurance Company increased its stake in shares of Insteel Industries by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company's stock worth $236,000 after acquiring an additional 585 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in shares of Insteel Industries during the 2nd quarter worth $270,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Insteel Industries by 76.9% during the 1st quarter. BNP Paribas Financial Markets now owns 9,264 shares of the industrial products company's stock valued at $354,000 after acquiring an additional 4,028 shares during the last quarter. Institutional investors and hedge funds 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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