Thomson Horstmann & Bryant Inc. boosted its holdings in shares of Insteel Industries Inc (NASDAQ:IIIN) by 66.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 482,220 shares of the industrial products company’s stock after acquiring an additional 192,360 shares during the period. Insteel Industries accounts for approximately 1.8% of Thomson Horstmann & Bryant Inc.’s investment portfolio, making the stock its 5th biggest position. Thomson Horstmann & Bryant Inc. owned about 2.53% of Insteel Industries worth $13,656,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bruce & Co. Inc. purchased a new stake in Insteel Industries during the 3rd quarter valued at about $6,149,000. Epoch Investment Partners Inc. grew its stake in Insteel Industries by 16.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock valued at $15,624,000 after acquiring an additional 82,794 shares in the last quarter. Stifel Financial Corp purchased a new stake in Insteel Industries during the 3rd quarter valued at about $204,000. Formula Growth Ltd. purchased a new stake in Insteel Industries during the 3rd quarter valued at about $615,000. Finally, Dimensional Fund Advisors LP grew its stake in Insteel Industries by 1.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,314,319 shares of the industrial products company’s stock valued at $34,317,000 after acquiring an additional 17,055 shares in the last quarter. 81.03% of the stock is owned by institutional investors.
Insteel Industries Inc (IIIN) traded down $0.21 during trading hours on Wednesday, reaching $29.26. 155,100 shares of the company’s stock traded hands, compared to its average volume of 102,440. The firm has a market cap of $561.14, a price-to-earnings ratio of 24.80 and a beta of 2.11. Insteel Industries Inc has a 12 month low of $23.20 and a 12 month high of $39.20.
Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.05). The firm had revenue of $96.89 million during the quarter, compared to analyst estimates of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share.
The company also recently announced a special dividend, which was paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th were issued a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s payout ratio is 10.17%.
Several analysts recently issued reports on IIIN shares. TheStreet cut shares of Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th. Sidoti started coverage on shares of Insteel Industries in a research note on Monday, December 18th. They set a “buy” rating and a $34.00 price objective for the company.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total value of $27,110.00. Following the transaction, the vice president now directly owns 14,788 shares in the company, valued at approximately $400,902.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.70% of the company’s stock.
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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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