Insteel Industries (NASDAQ:IIIN) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Insteel Industries (NASDAQ:IIINGet Rating) from a hold rating to a buy rating in a research report released on Saturday morning.

Insteel Industries Stock Up 3.5 %

Shares of Insteel Industries stock opened at $29.21 on Friday. Insteel Industries has a twelve month low of $26.94 and a twelve month high of $47.70. The business has a 50-day moving average price of $32.04 and a 200 day moving average price of $36.68. The firm has a market cap of $569.89 million, a PE ratio of 4.56 and a beta of 1.22.

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a $0.03 dividend. The ex-dividend date is Thursday, September 15th. This represents a $0.12 annualized dividend and a dividend yield of 0.41%. Insteel Industries’s dividend payout ratio is presently 1.87%.

Hedge Funds Weigh In On Insteel Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Baystate Wealth Management LLC increased its stake in shares of Insteel Industries by 60.2% in the 1st quarter. Baystate Wealth Management LLC now owns 1,059 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 398 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Insteel Industries in the 2nd quarter worth about $38,000. Gladius Capital Management LP acquired a new stake in Insteel Industries in the 2nd quarter worth about $40,000. KBC Group NV acquired a new stake in Insteel Industries in the 2nd quarter worth about $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Insteel Industries by 143.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company’s stock worth $94,000 after buying an additional 1,501 shares during the last quarter. Hedge funds and other institutional investors own 77.66% of the company’s stock.

About Insteel Industries

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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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