Annis Gardner Whiting Capital Advisors LLC Purchases New Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Key Points

• Annis Gardner Whiting Capital Advisors LLC has invested $200,000 in Insteel Industries, acquiring 7,600 shares during the first quarter.
• Insteel Industries reported a 23.4% year-over-year revenue increase and earnings per share of $0.78, exceeding estimates by $0.09.
• The company recently declared a quarterly dividend of $0.03 per share, reflecting an annual yield of 0.3%.

Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,600 shares of the industrial products company's stock, valued at approximately $200,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IIIN. KLP Kapitalforvaltning AS purchased a new position in Insteel Industries during the fourth quarter worth about $97,000. CWM LLC boosted its stake in Insteel Industries by 150.9% in the first quarter. CWM LLC now owns 4,744 shares of the industrial products company's stock valued at $125,000 after acquiring an additional 2,853 shares during the last quarter. State of Wyoming boosted its stake in Insteel Industries by 76.4% in the fourth quarter. State of Wyoming now owns 5,554 shares of the industrial products company's stock valued at $150,000 after acquiring an additional 2,406 shares during the last quarter. Marshall Wace LLP purchased a new position in Insteel Industries in the fourth quarter valued at about $257,000. Finally, BNP Paribas Financial Markets boosted its stake in Insteel Industries by 67.7% in the fourth quarter. BNP Paribas Financial Markets now owns 9,869 shares of the industrial products company's stock valued at $267,000 after acquiring an additional 3,984 shares during the last quarter. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Stock Performance

IIIN traded up $0.41 during midday trading on Friday, reaching $35.80. The company had a trading volume of 83,681 shares, compared to its average volume of 161,506. The stock has a market cap of $694.84 million, a PE ratio of 36.16, a P/E/G ratio of 1.81 and a beta of 0.74. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $41.64. The business has a 50-day moving average price of $36.64 and a two-hundred day moving average price of $32.35.

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

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, June 13th. Insteel Industries's payout ratio is presently 7.50%.

About Insteel Industries

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.