Insteel Industries (NASDAQ:IIIN) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Insteel Industries (NASDAQ:IIIN) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Insteel Industries Stock Performance

NASDAQ:IIIN opened at $26.91 on Friday. Insteel Industries has a 1 year low of $26.74 and a 1 year high of $39.38. The stock has a market cap of $524.07 million, a P/E ratio of 21.72, a P/E/G ratio of 1.21 and a beta of 1.10. The stock has a 50-day simple moving average of $31.36 and a 200-day simple moving average of $31.99.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Friday, September 13th. Insteel Industries’s payout ratio is 9.68%.

Institutional Investors Weigh In On Insteel Industries

A number of hedge funds and other institutional investors have recently modified their holdings of IIIN. Isthmus Partners LLC increased its position in Insteel Industries by 6.8% during the 2nd quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 6,665 shares in the last quarter. nVerses Capital LLC acquired a new position in Insteel Industries during the 2nd quarter worth approximately $121,000. Allspring Global Investments Holdings LLC grew its holdings 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 purchasing an additional 2,685 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Insteel Industries by 8.3% in the second 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 in the last quarter. Finally, Hantz Financial Services Inc. purchased a new position in shares of Insteel Industries during the 2nd quarter valued at approximately $270,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

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.