AlphaQuest LLC Invests $83,000 in Insteel Industries, Inc. (NASDAQ:IIIN)

AlphaQuest LLC purchased a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,058 shares of the industrial products company’s stock, valued at approximately $83,000.

A number of other large investors have also made changes to their positions in the business. State Street Corp increased its position in shares of Insteel Industries by 4.9% during the third quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock worth $23,675,000 after purchasing an additional 35,859 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Insteel Industries by 3.5% during the third 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. Geode Capital Management LLC increased its position in shares of Insteel Industries by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock valued at $13,523,000 after acquiring an additional 3,612 shares during the period. Cerity Partners LLC raised its stake in Insteel Industries by 132.7% in the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after acquiring an additional 232,514 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Insteel Industries by 36.5% during the 4th 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 and hedge funds.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $28.00 on Thursday. Insteel Industries, Inc. has a fifty-two week low of $23.60 and a fifty-two week high of $38.40. The firm has a market capitalization of $544.07 million, a PE ratio of 28.28, a P/E/G ratio of 1.81 and a beta of 1.13. The stock’s 50-day simple moving average is $28.04 and its 200-day simple moving average is $28.94.

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

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. Insteel Industries’s dividend payout ratio (DPR) is presently 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.