Teacher Retirement System of Texas Acquires Shares of 34,408 Insteel Industries, Inc. (NASDAQ:IIIN)

Teacher Retirement System of Texas bought a new position in Insteel Industries, Inc. (NASDAQ:IIIN) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 34,408 shares of the industrial products company’s stock, valued at approximately $929,000. Teacher Retirement System of Texas owned about 0.18% of Insteel Industries as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in Insteel Industries during the third quarter worth approximately $34,000. Point72 DIFC Ltd purchased a new position in shares of Insteel Industries in the 3rd quarter worth approximately $37,000. Smartleaf Asset Management LLC increased its position in shares of Insteel Industries by 535.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock valued at $53,000 after purchasing an additional 1,660 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Insteel Industries by 3,568.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock valued at $69,000 after buying an additional 2,498 shares during the period. Finally, AlphaQuest LLC bought a new stake in Insteel Industries in the fourth quarter worth $83,000. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Stock Down 4.5 %

IIIN stock opened at $26.34 on Friday. Insteel Industries, Inc. has a twelve month low of $23.60 and a twelve month high of $38.40. The stock has a market capitalization of $511.77 million, a price-to-earnings ratio of 26.60, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13. The firm’s fifty day simple moving average is $28.39 and its two-hundred day simple moving average is $28.74.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly 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). The firm had revenue of $129.70 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.06 earnings per share. As a group, equities research analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid 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 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.