JPMorgan Chase & Co. Purchases 5,121 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

JPMorgan Chase & Co. raised its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 57.3% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 14,061 shares of the industrial products company’s stock after acquiring an additional 5,121 shares during the period. JPMorgan Chase & Co. owned about 0.07% of Insteel Industries worth $437,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. bought a new stake in shares of Insteel Industries in the third quarter worth $34,000. Point72 DIFC Ltd acquired a new stake in Insteel Industries in the 3rd quarter valued at $37,000. Quantbot Technologies LP bought a new stake in Insteel Industries during the 3rd quarter worth about $121,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Insteel Industries by 100.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company’s stock worth $175,000 after buying an additional 2,812 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Insteel Industries by 8.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock worth $183,000 after buying an additional 434 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

Analyst Ratings Changes

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

Insteel Industries Price Performance

Shares of IIIN stock opened at $28.51 on Wednesday. The company has a fifty day moving average price of $28.14 and a two-hundred day moving average price of $29.97. The stock has a market cap of $553.88 million, a P/E ratio of 28.79, a P/E/G ratio of 1.76 and a beta of 1.14. Insteel Industries, Inc. has a one year low of $23.60 and a one year high of $38.40.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The business had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. During the same period last year, the firm earned $0.06 EPS. Insteel Industries’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Insteel Industries, Inc. will post 1.33 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Friday, November 29th. Insteel Industries’s dividend payout ratio is 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.