Victory Capital Management Inc. Increases Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Victory Capital Management Inc. increased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 4.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,767 shares of the industrial products company’s stock after buying an additional 3,886 shares during the quarter. Victory Capital Management Inc. owned about 0.44% of Insteel Industries worth $2,635,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in Insteel Industries during the second quarter valued at $121,000. The Manufacturers Life Insurance Company lifted its position in Insteel Industries by 8.3% during the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock valued at $236,000 after purchasing an additional 585 shares during the period. Hantz Financial Services Inc. acquired a new position in Insteel Industries during the second quarter valued at $270,000. Versor Investments LP acquired a new position in Insteel Industries during the third quarter valued at $289,000. Finally, UniSuper Management Pty Ltd acquired a new position in Insteel Industries during the first quarter valued at $390,000. 83.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, October 26th.

Insteel Industries Price Performance

NASDAQ IIIN opened at $30.47 on Friday. The company has a fifty day moving average of $29.58 and a 200 day moving average of $31.12. The company has a market capitalization of $592.64 million, a PE ratio of 30.78, a P/E/G ratio of 2.26 and a beta of 1.12. Insteel Industries, Inc. has a 1 year low of $26.74 and a 1 year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The business had revenue of $134.30 million during the quarter, compared to the consensus estimate of $140.40 million. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. Research analysts expect that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.39%. Insteel Industries’s dividend payout ratio (DPR) is currently 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.