Bastion Asset Management Inc. Makes New $1.49 Million Investment in Insteel Industries, Inc. (NASDAQ:IIIN)

Key Points

• Bastion Asset Management Inc. purchased 53,263 shares of Insteel Industries, valued at approximately $1,489,000, increasing its stake to 0.27%.
• The stock price of Insteel Industries has increased by 2.4% recently, with a current market cap of $711.38 million.
• Insteel Industries reported an earnings per share (EPS) of $0.78 for the last quarter, surpassing analysts' expectations by $0.09.

Bastion Asset Management Inc. purchased a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 53,263 shares of the industrial products company's stock, valued at approximately $1,489,000. Bastion Asset Management Inc. owned approximately 0.27% of Insteel Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in IIIN. Invenomic Capital Management LP purchased a new stake in shares of Insteel Industries in the fourth quarter valued at $5,811,000. Hsbc Holdings PLC purchased a new stake in shares of Insteel Industries in the fourth quarter valued at $4,527,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Insteel Industries in the first quarter valued at $1,628,000. Jackson Creek Investment Advisors LLC purchased a new stake in shares of Insteel Industries in the first quarter valued at $1,487,000. Finally, Vanguard Group Inc. grew its position in shares of Insteel Industries by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company's stock valued at $33,523,000 after purchasing an additional 41,908 shares during the period. Hedge funds and other institutional investors own 83.27% of the company's stock.

Insteel Industries Stock Performance

Insteel Industries stock traded up $0.76 during midday trading on Wednesday, reaching $36.96. The stock had a trading volume of 28,935 shares, compared to its average volume of 164,105. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $41.64. The stock has a market capitalization of $717.30 million, a PE ratio of 37.27, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72. The stock's 50-day simple moving average is $36.61 and its 200 day simple moving average is $31.85.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued 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 return on equity of 5.91% and a net margin of 3.58%. During the same period in the previous year, the company earned $0.34 EPS. The firm's revenue was up 23.4% compared to the same quarter last year. Equities analysts predict that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business 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 dividend yield of 0.32%. The ex-dividend date was Friday, June 13th. Insteel Industries's dividend payout ratio is presently 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.