Raymond James Financial Services Advisors Inc. Purchases New Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Raymond James Financial Services Advisors Inc. acquired a new stake in Insteel Industries, Inc. (NASDAQ:IIIN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,822 shares of the industrial products company’s stock, valued at approximately $223,000.

Several other institutional investors have also modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its stake in shares of Insteel Industries by 60.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 1,400 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Insteel Industries by 3.1% in the 3rd quarter. Wellington Management Group LLP now owns 73,483 shares of the industrial products company’s stock valued at $2,385,000 after purchasing an additional 2,200 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Insteel Industries by 41.2% in the 3rd quarter. American Century Companies Inc. now owns 200,315 shares of the industrial products company’s stock valued at $6,502,000 after purchasing an additional 58,423 shares during the last quarter. Bridge City Capital LLC lifted its stake in shares of Insteel Industries by 34.0% in the 3rd quarter. Bridge City Capital LLC now owns 86,851 shares of the industrial products company’s stock valued at $2,819,000 after purchasing an additional 22,014 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its stake in shares of Insteel Industries by 5.7% in the 3rd quarter. Quadrature Capital Ltd now owns 8,408 shares of the industrial products company’s stock valued at $273,000 after purchasing an additional 455 shares during the last quarter. 83.27% of the stock is owned by institutional investors.

Insider Transactions at Insteel Industries

In other news, COO Richard Wagner sold 1,715 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $36.14, for a total value of $61,980.10. Following the sale, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.60% of the company’s stock.

Insteel Industries Stock Performance

Shares of NASDAQ IIIN opened at $34.12 on Thursday. The business’s 50 day moving average price is $35.60 and its 200-day moving average price is $34.56. Insteel Industries, Inc. has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The company has a market cap of $663.57 million, a price-to-earnings ratio of 29.67, a PEG ratio of 2.16 and a beta of 1.14.

Insteel Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.03 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.35%. Insteel Industries’s payout ratio is 10.43%.

Insteel Industries Company Profile

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.