Posted by admin on Jun 27th, 2022
Brookstone Capital Management bought a new position in Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,416 shares of the industrial products company’s stock, valued at approximately $552,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Royce & Associates LP grew its position in shares of Insteel Industries by 2.3% during the 4th quarter. Royce & Associates LP now owns 543,421 shares of the industrial products company’s stock worth $21,634,000 after buying an additional 12,289 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Insteel Industries by 22.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 507,659 shares of the industrial products company’s stock worth $20,210,000 after acquiring an additional 93,399 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Insteel Industries by 12.2% in the fourth quarter. Acadian Asset Management LLC now owns 203,736 shares of the industrial products company’s stock worth $8,104,000 after purchasing an additional 22,132 shares during the period. Oppenheimer & Co. Inc. grew its holdings in Insteel Industries by 19.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 185,571 shares of the industrial products company’s stock worth $7,388,000 after purchasing an additional 29,630 shares during the period. Finally, Kennedy Capital Management Inc. increased its stake in Insteel Industries by 60.7% in the fourth quarter. Kennedy Capital Management Inc. now owns 126,027 shares of the industrial products company’s stock valued at $5,017,000 after purchasing an additional 47,608 shares in the last quarter. 78.59% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO Richard Wagner sold 10,576 shares of the company’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $42.58, for a total transaction of $450,326.08. Following the completion of the sale, the chief operating officer now owns 36,620 shares in the company, valued at $1,559,279.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP James F. Petelle sold 2,407 shares of the stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $45.84, for a total value of $110,336.88. Following the completion of the sale, the vice president now directly owns 17,078 shares of the company’s stock, valued at $782,855.52. The disclosure for this sale can be found here. Insiders sold a total of 14,571 shares of company stock worth $631,937 in the last 90 days. 5.20% of the stock is currently owned by company insiders.
NASDAQ IIIN opened at $33.97 on Monday. Insteel Industries, Inc. has a 52 week low of $31.27 and a 52 week high of $47.70. The business has a 50 day moving average price of $40.81 and a 200-day moving average price of $39.31. The company has a market cap of $660.34 million, a price-to-earnings ratio of 6.30 and a beta of 1.25.
Insteel Industries (NASDAQ:IIIN – Get Rating) last posted its quarterly earnings results on Thursday, April 21st. The industrial products company reported $1.99 earnings per share (EPS) for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%. The business had revenue of $213.21 million during the quarter.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend was Thursday, June 9th. Insteel Industries’s payout ratio is presently 2.23%.
Separately, StockNews.com began coverage on Insteel Industries in a research note on Thursday, March 31st. They issued a “strong-buy” rating for the company.
Insteel Industries Profile (Get Rating)
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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