Vanguard Group Inc. Increases Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Vanguard Group Inc. raised its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,241,131 shares of the industrial products company's stock after buying an additional 41,908 shares during the period. Vanguard Group Inc. owned about 6.39% of Insteel Industries worth $33,523,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of IIIN. State Street Corp increased its position in Insteel Industries by 4.9% during the third quarter. State Street Corp now owns 761,492 shares of the industrial products company's stock valued at $23,675,000 after acquiring an additional 35,859 shares during the last quarter. American Century Companies Inc. increased its position in shares of Insteel Industries by 1.1% during the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company's stock valued at $14,518,000 after purchasing an additional 5,935 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in shares of Insteel Industries by 17.8% in the 4th quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company's stock worth $12,688,000 after purchasing an additional 70,878 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Insteel Industries by 0.8% in the third quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company's stock worth $13,523,000 after buying an additional 3,612 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Insteel Industries by 36.5% in the fourth 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 during the period. 83.27% of the stock is owned by institutional investors.

Insteel Industries Price Performance

Shares of NASDAQ:IIIN traded up $3.78 during midday trading on Friday, hitting $30.50. The company had a trading volume of 308,152 shares, compared to its average volume of 138,333. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $35.52. The company has a fifty day moving average of $27.54 and a two-hundred day moving average of $28.17. The company has a market cap of $592.70 million, a price-to-earnings ratio of 30.81, a PEG ratio of 1.81 and a beta of 0.94.

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

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.39%. The ex-dividend date was Friday, March 14th. Insteel Industries's dividend payout ratio is 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.