Arizona State Retirement System grew its stake in shares of Insteel Industries Inc (NASDAQ:IIIN) by 223.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,403 shares of the industrial products company’s stock after purchasing an additional 21,003 shares during the quarter. Arizona State Retirement System owned 0.16% of Insteel Industries worth $861,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Wells Fargo & Company MN lifted its stake in shares of Insteel Industries by 14.5% during the fourth quarter. Wells Fargo & Company MN now owns 37,019 shares of the industrial products company’s stock worth $1,049,000 after purchasing an additional 4,682 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Insteel Industries by 266.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 30,450 shares of the industrial products company’s stock worth $863,000 after purchasing an additional 22,150 shares in the last quarter. US Bancorp DE acquired a new position in shares of Insteel Industries during the fourth quarter worth about $353,000. Schwab Charles Investment Management Inc. lifted its stake in shares of Insteel Industries by 9.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 79,400 shares of the industrial products company’s stock worth $2,249,000 after purchasing an additional 6,927 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Insteel Industries during the fourth quarter worth about $221,000. Institutional investors own 83.43% of the company’s stock.
Insteel Industries stock opened at $29.64 on Monday. Insteel Industries Inc has a one year low of $23.20 and a one year high of $36.94. The company has a market capitalization of $564.38, a PE ratio of 21.64 and a beta of 2.03.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 18th. The industrial products company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The business had revenue of $97.74 million during the quarter, compared to analyst estimates of $94.90 million. During the same quarter last year, the firm posted $0.23 EPS. The company’s revenue was up 4.1% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 16th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Thursday, March 15th. Insteel Industries’s dividend payout ratio (DPR) is 8.76%.
In related news, VP James F. Petelle sold 1,237 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $31.38, for a total value of $38,817.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.70% of the company’s stock.
Several research analysts recently commented on the company. TheStreet upgraded Insteel Industries from a “c+” rating to a “b-” rating in a research note on Wednesday, January 17th. BidaskClub cut Insteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 3rd. Finally, Sidoti cut Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, January 18th.
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Insteel Industries Profile
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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