Teacher Retirement System of Texas Acquires New Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Teacher Retirement System of Texas bought a new position in Insteel Industries, Inc. (NASDAQ:IIIN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,408 shares of the industrial products company’s stock, valued at approximately $929,000.

Several other hedge funds have also modified their holdings of IIIN. State Street Corp grew its position in shares of Insteel Industries by 4.9% in the 3rd quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock worth $23,675,000 after buying an additional 35,859 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in Insteel Industries by 17.8% in the fourth quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company’s stock worth $12,688,000 after purchasing an additional 70,878 shares during the last quarter. Geode Capital Management LLC increased its position in shares of 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 worth $13,523,000 after purchasing an additional 3,612 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Insteel Industries by 36.5% during the 4th 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 purchasing an additional 67,244 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Insteel Industries by 43.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 145,264 shares of the industrial products company’s stock worth $4,516,000 after purchasing an additional 43,846 shares in the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Price Performance

Shares of NASDAQ:IIIN opened at $26.34 on Friday. The business’s 50-day moving average is $28.39 and its 200 day moving average is $28.74. Insteel Industries, Inc. has a 1 year low of $23.60 and a 1 year high of $38.40. The firm has a market capitalization of $511.77 million, a P/E ratio of 26.60, a P/E/G ratio of 1.81 and a beta of 1.13.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data 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). The company had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 earnings per share. On average, analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Friday, March 14th. Insteel Industries’s dividend payout ratio (DPR) 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.