Insteel Industries, Inc. (NASDAQ:IIIN) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lifted its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 15.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,253 shares of the industrial products company’s stock after acquiring an additional 1,743 shares during the period. Wedge Capital Management L L P NC owned about 0.07% of Insteel Industries worth $507,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in IIIN. Allspring Global Investments Holdings LLC lifted its stake in Insteel Industries by 80.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company’s stock valued at $73,000 after buying an additional 1,006 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Insteel Industries by 60.9% in the third quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock valued at $120,000 after buying an additional 1,400 shares during the last quarter. SG Americas Securities LLC bought a new stake in Insteel Industries in the third quarter valued at $162,000. Arizona State Retirement System bought a new stake in Insteel Industries in the fourth quarter valued at $208,000. Finally, Advisor Partners II LLC bought a new stake in Insteel Industries in the third quarter valued at $223,000. 83.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Insteel Industries

In related news, COO Richard Wagner sold 1,715 shares of Insteel Industries stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total transaction 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 through the SEC website. Company insiders own 5.60% of the company’s stock.

Insteel Industries Stock Performance

IIIN stock opened at $32.36 on Friday. The stock has a market capitalization of $629.40 million, a price-to-earnings ratio of 28.14, a PEG ratio of 2.19 and a beta of 1.14. Insteel Industries, Inc. has a 1 year low of $26.86 and a 1 year high of $39.38. The stock’s fifty day moving average is $35.49 and its two-hundred day moving average is $34.54.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a net margin of 3.71% and a return on equity of 6.16%. The business had revenue of $127.40 million for the quarter, compared to analysts’ expectations of $134.89 million. During the same period in the previous year, the business earned $0.26 earnings per share. The company’s revenue was down 19.9% on a year-over-year basis. As a group, analysts predict that Insteel Industries, Inc. will post 1.3 EPS for the current fiscal year.

Insteel Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Thursday, March 14th. Insteel Industries’s dividend payout ratio is currently 10.43%.

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.