Zurcher Kantonalbank Zurich Cantonalbank Buys 2,812 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 100.3% during the 3rd quarter, Holdings Channel reports. The firm owned 5,615 shares of the industrial products company’s stock after acquiring an additional 2,812 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Insteel Industries were worth $175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerity Partners LLC boosted its holdings in shares of Insteel Industries by 132.7% during the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after purchasing an additional 232,514 shares during the period. First Eagle Investment Management LLC lifted its stake in Insteel Industries by 26.8% in the second 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 period. American Century Companies Inc. increased its position in Insteel Industries by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after purchasing an additional 59,591 shares during the period. Pacer Advisors Inc. raised its holdings in Insteel Industries by 3.5% in the 3rd quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock worth $20,606,000 after purchasing an additional 22,543 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in Insteel Industries in the 3rd quarter worth $690,000. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Trading Up 3.5 %

IIIN opened at $30.52 on Tuesday. The company has a market cap of $593.61 million, a price-to-earnings ratio of 30.83, a price-to-earnings-growth ratio of 2.21 and a beta of 1.11. The stock has a fifty day simple moving average of $29.25 and a two-hundred day simple moving average of $30.88. Insteel Industries, Inc. has a 12-month low of $26.74 and a 12-month high of $39.38.

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, hitting analysts’ consensus estimates 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 the consensus estimate of $140.40 million. On average, analysts predict that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.03 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.39%. Insteel Industries’s dividend payout ratio is currently 12.12%.

Wall Street Analyst Weigh In

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

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.