Stifel Financial Corp purchased a new position in Insteel Industries Inc (NASDAQ:IIIN) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,818 shares of the industrial products company’s stock, valued at approximately $204,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Advisory Services Network LLC increased its holdings in Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after buying an additional 181 shares during the last quarter. Oppenheimer & Close LLC acquired a new position in Insteel Industries in the third quarter worth approximately $203,000. Oppenheimer & Co. Inc. acquired a new position in Insteel Industries in the third quarter worth approximately $217,000. Municipal Employees Retirement System of Michigan increased its holdings in Insteel Industries by 43.0% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,910 shares of the industrial products company’s stock worth $233,000 after buying an additional 2,680 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new position in Insteel Industries in the second quarter worth approximately $254,000. 81.03% of the stock is owned by institutional investors and hedge funds.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now owns 14,788 shares in the company, valued at $400,902.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 5.70% of the company’s stock.
Insteel Industries Inc (IIIN) opened at $28.63 on Thursday. Insteel Industries Inc has a twelve month low of $23.20 and a twelve month high of $39.20. The company has a market capitalization of $547.62, a P/E ratio of 24.26 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The firm had revenue of $96.89 million during the quarter, compared to analyst estimates of $96.25 million. During the same quarter in the prior year, the company posted $0.51 EPS. The company’s quarterly revenue was down 6.0% on a year-over-year basis.
The business also recently declared a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a dividend of $1.00 per share. The ex-dividend date is Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s dividend payout ratio (DPR) is presently 10.17%.
A number of equities analysts recently commented on the company. Sidoti assumed coverage on Insteel Industries in a report on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective on the stock. TheStreet downgraded Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th.
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Insteel Industries Company Profile
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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