Insteel Industries, Inc. (NASDAQ:IIIN) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. increased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 4.8% in the 3rd quarter, Holdings Channel reports. The firm owned 84,767 shares of the industrial products company’s stock after purchasing an additional 3,886 shares during the period. Victory Capital Management Inc.’s holdings in Insteel Industries were worth $2,635,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IIIN. Isthmus Partners LLC grew its stake in 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 in the last quarter. nVerses Capital LLC purchased a new stake in Insteel Industries during the 2nd quarter valued at about $121,000. The Manufacturers Life Insurance Company grew its stake in Insteel Industries by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock valued at $236,000 after acquiring an additional 585 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in Insteel Industries during the 2nd quarter valued at about $270,000. Finally, Versor Investments LP purchased a new stake in Insteel Industries during the 3rd quarter valued at about $289,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Up 1.2 %

Shares of NASDAQ IIIN opened at $30.47 on Friday. Insteel Industries, Inc. has a 12-month low of $26.74 and a 12-month high of $39.38. The stock has a market cap of $592.64 million, a PE ratio of 30.78, a P/E/G ratio of 2.26 and a beta of 1.12. The company has a 50-day moving average of $29.58 and a 200 day moving average of $31.12.

Insteel Industries (NASDAQ:IIIN) last posted 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 business had revenue of $134.30 million during the quarter, compared to analysts’ expectations of $140.40 million. On average, sell-side analysts forecast that Insteel Industries, Inc. will post 1.11 EPS for the current fiscal year.

Insteel Industries Announces Dividend

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 0.39%. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

Wall Street Analyst Weigh In

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

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.