Canal Capital Management LLC lowered its stake in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 15.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,460 shares of the industrial products company's stock after selling 16,416 shares during the period. Canal Capital Management LLC owned approximately 0.46% of Insteel Industries worth $2,416,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Smartleaf Asset Management LLC increased its position 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 valued at $53,000 after acquiring an additional 1,660 shares during the period. Nisa Investment Advisors LLC increased its holdings in Insteel Industries by 3,568.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company's stock valued at $69,000 after purchasing an additional 2,498 shares during the period. AlphaQuest LLC purchased a new position in Insteel Industries during the 4th quarter valued at about $83,000. KLP Kapitalforvaltning AS bought a new position in Insteel Industries during the 4th quarter valued at approximately $97,000. Finally, Quantbot Technologies LP lifted its holdings in Insteel Industries by 106.5% in the 4th quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company's stock worth $216,000 after buying an additional 4,130 shares during the period. Institutional investors own 83.27% of the company's stock.
Insteel Industries Stock Down 0.4 %
Shares of IIIN traded down $0.14 during mid-day trading on Friday, hitting $33.03. 134,620 shares of the company's stock traded hands, compared to its average volume of 140,603. The firm has a market capitalization of $641.71 million, a P/E ratio of 33.36, a PEG ratio of 1.81 and a beta of 0.94. The business's 50-day moving average price is $27.67 and its 200-day moving average price is $28.25. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $35.52.
Insteel Industries Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Friday, March 14th. Insteel Industries's payout ratio is currently 10.34%.
About Insteel Industries
(
Free Report)
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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