Intech Investment Management LLC Acquires New Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Intech Investment Management LLC bought a new position in Insteel Industries, Inc. (NASDAQ:IIIN) during the third quarter, Holdings Channel.com reports. The institutional investor bought 22,195 shares of the industrial products company’s stock, valued at approximately $690,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. American Century Companies Inc. lifted its position in Insteel Industries by 14.6% during the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock worth $14,480,000 after buying an additional 59,591 shares in the last quarter. First Eagle Investment Management LLC increased its stake in shares of 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 worth $10,954,000 after acquiring an additional 74,791 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Insteel Industries by 2.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock worth $8,526,000 after acquiring an additional 5,313 shares during the period. Isthmus Partners LLC boosted its position in shares of Insteel Industries by 6.8% during the 2nd quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 6,665 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Insteel Industries by 4.8% in the third quarter. Victory Capital Management Inc. now owns 84,767 shares of the industrial products company’s stock valued at $2,635,000 after purchasing an additional 3,886 shares during the period. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Stock Up 0.7 %

IIIN opened at $29.50 on Friday. The firm has a market cap of $573.83 million, a P/E ratio of 29.80, a P/E/G ratio of 2.28 and a beta of 1.12. Insteel Industries, Inc. has a 52 week low of $26.74 and a 52 week high of $39.38. The business has a fifty day simple moving average of $29.40 and a 200-day simple moving average of $31.05.

Insteel Industries (NASDAQ:IIIN) last released its 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. The company had revenue of $134.30 million during the quarter, compared to the consensus estimate of $140.40 million. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. Sell-side analysts expect that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Friday, November 29th. Insteel Industries’s payout ratio is currently 12.12%.

Wall Street Analyst Weigh In

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

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.