Geode Capital Management LLC Has $13.52 Million Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Geode Capital Management LLC grew its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 434,871 shares of the industrial products company’s stock after purchasing an additional 3,612 shares during the period. Geode Capital Management LLC owned about 2.24% of Insteel Industries worth $13,523,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of IIIN. Isthmus Partners LLC lifted its holdings in shares of Insteel Industries by 6.8% during the 2nd quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 6,665 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Insteel Industries during the 3rd quarter worth approximately $34,000. Point72 DIFC Ltd acquired a new stake in shares of Insteel Industries during the 3rd quarter worth approximately $37,000. nVerses Capital LLC bought a new stake in Insteel Industries in the second quarter valued at approximately $121,000. Finally, Quantbot Technologies LP bought a new stake in Insteel Industries in the third quarter valued at approximately $121,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insteel Industries Trading Down 2.7 %

Shares of IIIN opened at $26.80 on Tuesday. Insteel Industries, Inc. has a 12 month low of $26.74 and a 12 month high of $38.40. The firm has a fifty day simple moving average of $29.07 and a 200 day simple moving average of $30.63. The stock has a market capitalization of $521.31 million, a price-to-earnings ratio of 27.07, a PEG ratio of 2.21 and a beta of 1.11.

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

Insteel Industries Dividend Announcement

The company 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 0.45%. The ex-dividend date was Friday, November 29th. 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.