Intech Investment Management LLC Increases Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Intech Investment Management LLC lifted its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 165.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 58,824 shares of the industrial products company’s stock after buying an additional 36,629 shares during the quarter. Intech Investment Management LLC’s holdings in Insteel Industries were worth $1,589,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asset Management L.P. purchased a new position in shares of Insteel Industries during the third quarter valued at approximately $34,000. Point72 DIFC Ltd purchased a new position in shares of Insteel Industries during the third quarter valued at approximately $37,000. Smartleaf Asset Management LLC lifted its stake in shares of Insteel Industries by 535.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock valued at $53,000 after buying an additional 1,660 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Insteel Industries by 3,568.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock valued at $69,000 after buying an additional 2,498 shares during the period. Finally, AlphaQuest LLC purchased a new position in shares of Insteel Industries during the fourth quarter valued at approximately $83,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Shares of IIIN opened at $27.20 on Friday. The company has a market capitalization of $528.60 million, a price-to-earnings ratio of 27.48, a PEG ratio of 1.81 and a beta of 1.13. The company’s 50 day simple moving average is $28.16 and its 200 day simple moving average is $28.88. Insteel Industries, Inc. has a 1 year low of $23.60 and a 1 year high of $38.40.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The company had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. During the same period last year, the company posted $0.06 EPS. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Friday, March 14th. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

About Insteel Industries

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.