Ancora Advisors LLC Purchases Shares of 109,878 Insteel Industries, Inc. $IIIN

Key Points

• Ancora Advisors LLC acquired approximately 109,878 shares of Insteel Industries, valued at about $2,890,000, making it one of several institutional investors increasing their stakes in the company.
• Insteel Industries reported a $0.78 EPS for the last quarter, exceeding analysts' expectations and marking a 23.4% revenue increase year-over-year.
• The company announced a quarterly dividend of $0.03 per share, providing a yield of 0.3%, with payment scheduled for September 26th.

Ancora Advisors LLC purchased a new stake in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 109,878 shares of the industrial products company's stock, valued at approximately $2,890,000. Ancora Advisors LLC owned about 0.57% of Insteel Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ieq Capital LLC purchased a new position in Insteel Industries in the first quarter valued at about $366,000. Jump Financial LLC acquired a new stake in shares of Insteel Industries during the 1st quarter worth approximately $235,000. Hotchkis & Wiley Capital Management LLC raised its position in shares of Insteel Industries by 1.6% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 240,290 shares of the industrial products company's stock worth $6,320,000 after purchasing an additional 3,880 shares during the period. Robotti Robert raised its position in shares of Insteel Industries by 0.8% during the 1st quarter. Robotti Robert now owns 301,740 shares of the industrial products company's stock worth $7,936,000 after purchasing an additional 2,495 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Insteel Industries by 85.3% in the 1st quarter. Russell Investments Group Ltd. now owns 72,268 shares of the industrial products company's stock valued at $1,901,000 after acquiring an additional 33,264 shares during the period. Hedge funds and other institutional investors own 83.27% of the company's stock.

Insteel Industries Trading Down 0.1%

IIIN traded down $0.06 during trading hours on Monday, hitting $38.82. The company's stock had a trading volume of 66,248 shares, compared to its average volume of 154,589. Insteel Industries, Inc. has a fifty-two week low of $22.49 and a fifty-two week high of $41.64. The firm has a market capitalization of $753.57 million, a PE ratio of 39.22, a PEG ratio of 1.81 and a beta of 0.78. The company has a 50-day simple moving average of $37.51 and a 200 day simple moving average of $33.56.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its earnings results on Thursday, July 17th. The industrial products company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.During the same period in the previous year, the company posted $0.34 EPS. The company's revenue was up 23.4% compared to the same quarter last year. Research analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, September 12th. Insteel Industries's dividend payout ratio (DPR) is currently 7.50%.

Insider Transactions at Insteel Industries

In other Insteel Industries news, SVP James R. York sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The stock was 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 approximately $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 can be accessed through this hyperlink. Insiders own 6.00% of the company's stock.

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.