Oppenheimer & Close LLC Purchases Shares of 137,363 Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Close LLC purchased a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 137,363 shares of the industrial products company's stock, valued at approximately $3,710,000. Insteel Industries accounts for approximately 3.0% of Oppenheimer & Close LLC's portfolio, making the stock its 13th largest holding. Oppenheimer & Close LLC owned approximately 0.71% of Insteel Industries at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its holdings in shares of Insteel Industries by 132.7% in the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company's stock worth $12,678,000 after buying an additional 232,514 shares in the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of Insteel Industries by 17.8% during the fourth quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company's stock valued at $12,688,000 after acquiring an additional 70,878 shares during the period. Bank of New York Mellon Corp boosted 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 valued at $6,794,000 after purchasing an additional 67,244 shares in the last quarter. Wealthfront Advisers LLC bought a new stake in Insteel Industries during the fourth quarter worth about $1,369,000. Finally, Jane Street Group LLC increased its holdings in Insteel Industries by 228.1% during the 3rd quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company's stock valued at $2,017,000 after purchasing an additional 45,115 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company's stock.

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Insteel Industries Trading Down 0.5 %

NASDAQ IIIN traded down $0.15 on Thursday, hitting $27.63. 94,973 shares of the company were exchanged, compared to its average volume of 124,933. Insteel Industries, Inc. has a 1-year low of $23.60 and a 1-year high of $38.40. The firm has a 50 day moving average of $28.40 and a two-hundred day moving average of $28.78. The company has a market cap of $536.86 million, a P/E ratio of 27.91, a P/E/G ratio of 1.81 and a beta of 1.13.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The firm's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. Research analysts anticipate that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Friday, March 14th. Insteel Industries's dividend payout ratio is presently 12.12%.

About Insteel Industries

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.