Public Sector Pension Investment Board lifted its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 6.2% in the second quarter, Holdings Channel reports. The institutional investor owned 42,861 shares of the industrial products company’s stock after acquiring an additional 2,489 shares during the period. Public Sector Pension Investment Board’s holdings in Insteel Industries were worth $1,327,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. First Eagle Investment Management LLC raised 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 valued at $10,954,000 after purchasing an additional 74,791 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in Insteel Industries by 2.0% in the second quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock valued at $8,526,000 after purchasing an additional 5,313 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new position in Insteel Industries in the second quarter valued at about $539,000. American Century Companies Inc. raised its stake in Insteel Industries by 14.6% in the second 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 in the last quarter. Finally, Koss Olinger Consulting LLC acquired a new position in Insteel Industries in the second quarter valued at about $413,000. Institutional investors and hedge funds own 83.27% of the company’s stock.
Insteel Industries Stock Down 1.7 %
IIIN stock opened at $30.56 on Wednesday. The company has a market cap of $595.16 million, a PE ratio of 24.65, a price-to-earnings-growth ratio of 2.65 and a beta of 1.11. Insteel Industries, Inc. has a 52 week low of $26.86 and a 52 week high of $39.38. The business has a 50-day simple moving average of $32.20 and a 200 day simple moving average of $32.70.
Insteel Industries Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Friday, September 13th. Insteel Industries’s dividend payout ratio (DPR) is currently 9.68%.
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.
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