Dynamic Technology Lab Private Ltd Boosts Stock Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Dynamic Technology Lab Private Ltd grew its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 87.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,706 shares of the industrial products company’s stock after acquiring an additional 9,182 shares during the quarter. Dynamic Technology Lab Private Ltd owned about 0.10% of Insteel Industries worth $613,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. First Eagle Investment Management LLC lifted its holdings in Insteel Industries by 26.8% in the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after purchasing an additional 74,791 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Insteel Industries in the second quarter valued at about $121,000. Pacer Advisors Inc. lifted its stake in shares of Insteel Industries by 3.5% in the third quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock worth $20,606,000 after buying an additional 22,543 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Insteel Industries by 8.3% during 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 during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Insteel Industries by 4.8% during the 3rd quarter. Victory Capital Management Inc. now owns 84,767 shares of the industrial products company’s stock valued at $2,635,000 after acquiring an additional 3,886 shares in the last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

Insteel Industries Stock Performance

NASDAQ IIIN opened at $30.31 on Friday. The stock’s fifty day moving average is $29.46 and its two-hundred day moving average is $31.05. The firm has a market capitalization of $589.53 million, a P/E ratio of 30.62, a price-to-earnings-growth ratio of 2.32 and a beta of 1.12. Insteel Industries, Inc. has a fifty-two week low of $26.74 and a fifty-two week high of $39.38.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The firm had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $140.40 million. As a group, sell-side analysts forecast that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.40%. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

Insteel Industries 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.