State Street Corp Increases Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

State Street Corp grew its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 761,492 shares of the industrial products company’s stock after acquiring an additional 35,859 shares during the period. State Street Corp owned about 3.92% of Insteel Industries worth $23,675,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in IIIN. BNP Paribas Financial Markets lifted its stake in shares of Insteel Industries by 8.0% in the third quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock valued at $183,000 after purchasing an additional 434 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Insteel Industries by 8.3% in 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 buying an additional 585 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Insteel Industries during the 3rd quarter valued at approximately $34,000. Ellsworth Advisors LLC boosted its stake in shares of Insteel Industries by 7.2% during the 3rd quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock worth $514,000 after acquiring an additional 1,109 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Insteel Industries in the 3rd quarter worth approximately $37,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insteel Industries Stock Performance

Insteel Industries stock opened at $28.32 on Monday. Insteel Industries, Inc. has a fifty-two week low of $26.74 and a fifty-two week high of $39.38. The company has a market capitalization of $550.88 million, a price-to-earnings ratio of 28.61, a PEG ratio of 2.21 and a beta of 1.11. The stock has a fifty day moving average of $29.17 and a two-hundred day moving average of $30.72.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $134.30 million during the quarter, compared to analysts’ expectations of $140.40 million. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. On average, analysts forecast that Insteel Industries, Inc. will post 1.11 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 paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date was Friday, November 29th. Insteel Industries’s payout ratio is 12.12%.

Insteel Industries 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.