Insteel Industries, Inc. (NASDAQ:IIIN – Get Free Report)’s share price rose 4.3% on Wednesday . The company traded as high as $28.28 and last traded at $28.23. Approximately 106,741 shares were traded during trading, an increase of 1% from the average daily volume of 105,769 shares. The stock had previously closed at $27.07.
Wall Street Analyst Weigh In
Separately, StockNews.com upgraded Insteel Industries from a “hold” rating to a “buy” rating in a research note on Friday, October 18th.
Read Our Latest Analysis on IIIN
Insteel Industries Stock Performance
Insteel Industries Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.03 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. Insteel Industries’s dividend payout ratio is presently 9.68%.
Hedge Funds Weigh In On Insteel Industries
A number of hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in Insteel Industries by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after purchasing an additional 59,591 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Insteel Industries by 26.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after purchasing an additional 74,791 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Insteel Industries by 2.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock valued at $8,526,000 after purchasing an additional 5,313 shares during the last quarter. Robotti Robert boosted its stake in Insteel Industries by 6.2% during the 1st quarter. Robotti Robert now owns 262,780 shares of the industrial products company’s stock valued at $10,043,000 after purchasing an additional 15,415 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Insteel Industries by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 108,185 shares of the industrial products company’s stock valued at $4,135,000 after purchasing an additional 1,276 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.
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.
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