Grace & White Inc. NY Makes New $391,000 Investment in Insteel Industries, Inc. $IIIN

Grace & White Inc. NY bought a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 10,500 shares of the industrial products company’s stock, valued at approximately $391,000.

Several other institutional investors have also made changes to their positions in IIIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Insteel Industries by 44.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 989,138 shares of the industrial products company’s stock valued at $26,014,000 after acquiring an additional 304,671 shares in the last quarter. Invenomic Capital Management LP boosted its position in shares of Insteel Industries by 63.4% during the 1st quarter. Invenomic Capital Management LP now owns 351,653 shares of the industrial products company’s stock valued at $9,248,000 after acquiring an additional 136,494 shares in the last quarter. Ancora Advisors LLC acquired a new stake in shares of Insteel Industries during the 1st quarter valued at about $2,890,000. Charles Schwab Investment Management Inc. boosted its position in shares of Insteel Industries by 36.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company’s stock valued at $6,672,000 after acquiring an additional 67,422 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Insteel Industries by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company’s stock valued at $34,414,000 after acquiring an additional 67,377 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Insteel Industries

In related news, SVP James R. York sold 3,000 shares of Insteel Industries stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $38.50, for a total transaction of $115,500.00. Following the completion of the transaction, the senior vice president directly owned 9,443 shares of the company’s stock, valued at $363,555.50. This trade represents a 24.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.00% of the stock is owned by corporate insiders.

Insteel Industries Stock Performance

Shares of Insteel Industries stock opened at $36.84 on Friday. The firm’s 50-day simple moving average is $37.92 and its 200-day simple moving average is $35.35. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $41.64. The firm has a market cap of $715.06 million, a P/E ratio of 37.21, a price-to-earnings-growth ratio of 1.81 and a beta of 0.79.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, July 17th. The industrial products company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. During the same quarter last year, the company posted $0.34 EPS. The business’s revenue for the quarter was up 23.4% compared to the same quarter last year. On average, equities analysts forecast that Insteel Industries, Inc. will post 1.38 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, September 26th. Investors of record on Friday, September 12th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, September 12th. Insteel Industries’s dividend payout ratio (DPR) is currently 7.50%.

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.