Posted by admin on Jul 7th, 2022
Virginia Retirement Systems ET AL raised its position in Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) by 54.9% during the first quarter, HoldingsChannel.com reports. The firm owned 31,600 shares of the industrial products company’s stock after purchasing an additional 11,200 shares during the period. Virginia Retirement Systems ET AL’s holdings in Insteel Industries were worth $1,169,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Royce & Associates LP raised its position in Insteel Industries by 2.3% in the 4th quarter. Royce & Associates LP now owns 543,421 shares of the industrial products company’s stock worth $21,634,000 after purchasing an additional 12,289 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Insteel Industries by 22.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 507,659 shares of the industrial products company’s stock worth $20,210,000 after purchasing an additional 93,399 shares during the period. Acadian Asset Management LLC raised its position in Insteel Industries by 12.2% in the 4th 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. raised its position in Insteel Industries by 19.0% in the 4th 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. grew its stake in Insteel Industries by 60.7% in the 4th quarter. Kennedy Capital Management Inc. now owns 126,027 shares of the industrial products company’s stock worth $5,017,000 after acquiring an additional 47,608 shares in the last quarter. 78.59% of the stock is currently owned by institutional investors.
Shares of IIIN stock opened at $34.76 on Thursday. The company has a market capitalization of $675.70 million, a P/E ratio of 6.45 and a beta of 1.30. The company’s 50-day simple moving average is $39.70 and its two-hundred day simple moving average is $39.10. Insteel Industries, Inc. has a one year low of $31.59 and a one year high of $47.70.
Insteel Industries (NASDAQ:IIIN – Get Rating) last issued its earnings results on Thursday, April 21st. The industrial products company reported $1.99 EPS for the quarter. The business had revenue of $213.21 million for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%.
The business also recently announced a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 10th were paid a $0.03 dividend. The ex-dividend date was Thursday, June 9th. This represents a $0.12 dividend on an annualized basis and a yield of 0.35%. Insteel Industries’s dividend payout ratio is currently 2.23%.
In other news, VP Scot R. Jafroodi sold 1,088 shares of the stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $45.50, for a total transaction of $49,504.00. Following the transaction, the vice president now directly owns 41,296 shares in the company, valued at $1,878,968. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 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. Over the last quarter, insiders have sold 14,571 shares of company stock worth $631,937. Insiders own 5.20% of the company’s stock.
Separately, StockNews.com initiated coverage on shares of Insteel Industries in a research note on Thursday, March 31st. They issued a “strong-buy” rating on the stock.
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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