Victory Capital Management Inc. Acquires 3,600 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Victory Capital Management Inc. grew its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,367 shares of the industrial products company’s stock after purchasing an additional 3,600 shares during the quarter. Victory Capital Management Inc.’s holdings in Insteel Industries were worth $2,387,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp raised its holdings in shares of Insteel Industries by 4.9% during the 3rd 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 in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Insteel Industries by 3.5% during the 3rd quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after purchasing an additional 22,543 shares in the last quarter. Geode Capital Management LLC raised its holdings in Insteel Industries by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock worth $13,523,000 after acquiring an additional 3,612 shares during the period. Cerity Partners LLC raised its holdings in Insteel Industries by 132.7% in the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after acquiring an additional 232,514 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Insteel Industries by 36.5% in the 4th quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company’s stock worth $6,794,000 after acquiring an additional 67,244 shares during the period. Institutional investors own 83.27% of the company’s stock.

Insteel Industries Price Performance

Shares of IIIN opened at $27.02 on Monday. The company has a market capitalization of $524.97 million, a PE ratio of 27.29, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13. Insteel Industries, Inc. has a one year low of $23.60 and a one year high of $38.40. The company’s fifty day moving average price is $27.90 and its 200 day moving average price is $29.05.

Insteel Industries (NASDAQ:IIIN) last announced its 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 firm had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same quarter last year, the business earned $0.06 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Analysts anticipate that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Announces Dividend

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

Insteel Industries 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.