Bank of New York Mellon Corp grew its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 36.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 251,547 shares of the industrial products company’s stock after purchasing an additional 67,244 shares during the period. Bank of New York Mellon Corp owned approximately 1.29% of Insteel Industries worth $6,794,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets raised its holdings in shares of Insteel Industries by 8.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock worth $183,000 after acquiring an additional 434 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Insteel Industries by 7.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 10,090 shares of the industrial products company’s stock valued at $273,000 after acquiring an additional 690 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Insteel Industries during the 3rd quarter valued at approximately $34,000. Point72 DIFC Ltd bought a new position in shares of Insteel Industries during the 3rd quarter valued at approximately $37,000. Finally, Public Employees Retirement System of Ohio grew its position in shares of Insteel Industries by 22.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 11,090 shares of the industrial products company’s stock valued at $345,000 after acquiring an additional 2,014 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.
Insteel Industries Trading Up 3.0 %
IIIN opened at $27.02 on Monday. Insteel Industries, Inc. has a 12 month low of $23.60 and a 12 month high of $38.40. The company has a market cap of $524.97 million, a PE ratio of 27.29, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13. The company has a 50 day moving average of $27.90 and a 200 day moving average of $29.05.
Insteel Industries Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.44%. The ex-dividend date is Friday, March 14th. Insteel Industries’s 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.
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