Insteel Industries (NASDAQ:IIIN) Hits New 1-Year High – Here’s Why

Insteel Industries, Inc. (NASDAQ:IIIN) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $39.08 and last traded at $38.98, with a volume of 146464 shares changing hands. The stock had previously closed at $37.97.

Insteel Industries Trading Up 2.6%

The stock has a fifty day moving average of $35.63 and a 200-day moving average of $30.42. The firm has a market capitalization of $756.60 million, a price-to-earnings ratio of 39.37, a PEG ratio of 1.81 and a beta of 0.72.

Insteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend was Friday, June 13th. Insteel Industries’s dividend payout ratio is presently 10.34%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its holdings in shares of Insteel Industries by 8.7% during the fourth quarter. Rhumbline Advisers now owns 59,227 shares of the industrial products company’s stock valued at $1,600,000 after buying an additional 4,716 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Insteel Industries by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 94,603 shares of the industrial products company’s stock valued at $2,555,000 after purchasing an additional 2,746 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Insteel Industries by 36.5% in the fourth quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company’s stock valued at $6,794,000 after purchasing an additional 67,244 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Insteel Industries by 535.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock worth $53,000 after buying an additional 1,660 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Insteel Industries by 4.2% in the fourth quarter. Victory Capital Management Inc. now owns 88,367 shares of the industrial products company’s stock worth $2,387,000 after buying an additional 3,600 shares during the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Company 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.