Posted by admin on Jun 25th, 2022
Pacer Advisors Inc. raised its stake in Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) by 25.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 52,251 shares of the industrial products company’s stock after purchasing an additional 10,498 shares during the quarter. Pacer Advisors Inc.’s holdings in Insteel Industries were worth $1,933,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of IIIN. Mirae Asset Global Investments Co. Ltd. lifted its position in Insteel Industries by 22.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 507,659 shares of the industrial products company’s stock valued at $20,210,000 after buying an additional 93,399 shares during the last quarter. Kennedy Capital Management Inc. lifted its position in shares of Insteel Industries by 60.7% during the fourth quarter. Kennedy Capital Management Inc. now owns 126,027 shares of the industrial products company’s stock worth $5,017,000 after purchasing an additional 47,608 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Insteel Industries by 12.0% during the third quarter. Royal Bank of Canada now owns 394,142 shares of the industrial products company’s stock worth $14,997,000 after purchasing an additional 42,099 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Insteel Industries by 93.6% during the fourth quarter. American Century Companies Inc. now owns 61,876 shares of the industrial products company’s stock worth $2,463,000 after purchasing an additional 29,919 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Insteel Industries by 19.0% during 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 in the last quarter. 78.59% of the stock is currently owned by institutional investors.
Separately, StockNews.com initiated coverage on shares of Insteel Industries in a research report on Thursday, March 31st. They set a “strong-buy” rating on the stock.
In related news, VP James F. Petelle sold 2,407 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $45.84, for a total transaction of $110,336.88. Following the sale, the vice president now directly owns 17,078 shares in the company, valued at $782,855.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Richard Wagner sold 10,576 shares of the stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $42.58, for a total transaction of $450,326.08. Following the completion of the transaction, the chief operating officer now owns 36,620 shares in the company, valued at $1,559,279.60. The disclosure for this sale can be found here. Insiders have sold 14,571 shares of company stock worth $631,937 over the last 90 days. Insiders own 5.20% of the company’s stock.
Shares of IIIN opened at $33.97 on Friday. The stock has a market capitalization of $660.34 million, a PE ratio of 6.30 and a beta of 1.25. Insteel Industries, Inc. has a 1 year low of $31.27 and a 1 year high of $47.70. The company’s 50-day simple moving average is $40.81 and its 200-day simple moving average is $39.32.
Insteel Industries (NASDAQ:IIIN – Get Rating) last released its earnings results on Thursday, April 21st. The industrial products company reported $1.99 earnings per share for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%. The firm had revenue of $213.21 million for the quarter.
The company also recently announced a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 10th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, June 9th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.35%. Insteel Industries’s payout ratio is 2.23%.
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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