Inceptionr LLC Takes $261,000 Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Inceptionr LLC acquired a new stake in Insteel Industries, Inc. (NASDAQ:IIIN) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 9,650 shares of the industrial products company’s stock, valued at approximately $261,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State Street Corp grew its position in shares of Insteel Industries by 4.9% in the third quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock valued at $23,675,000 after purchasing an additional 35,859 shares during the period. Pacer Advisors Inc. grew its position in Insteel Industries by 3.5% during the third quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after acquiring an additional 22,543 shares during the period. Geode Capital Management LLC grew its position in Insteel Industries by 0.8% during the third quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock valued at $13,523,000 after acquiring an additional 3,612 shares during the period. Cerity Partners LLC grew its position in Insteel Industries by 132.7% during the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock valued at $12,678,000 after acquiring an additional 232,514 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Insteel Industries by 36.5% during the fourth quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company’s stock valued at $6,794,000 after acquiring an additional 67,244 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Up 1.7 %

IIIN stock opened at $27.65 on Monday. The stock has a 50-day moving average price of $27.88 and a two-hundred day moving average price of $29.28. Insteel Industries, Inc. has a 12-month low of $23.60 and a 12-month high of $38.40. The company has a market cap of $537.34 million, a PE ratio of 27.93, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13.

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

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, March 14th. Insteel Industries’s dividend payout ratio is presently 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.