Bastion Asset Management Inc. Takes Position 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. bought a new position in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Captrust Financial Advisors lifted its position in shares of Insteel Industries by 0.3% during the 4th quarter. Captrust Financial Advisors now owns 136,998 shares of the industrial products company's stock valued at $3,700,000 after acquiring an additional 390 shares during the last quarter. Unison Advisors LLC lifted its stake in Insteel Industries by 3.8% during the first quarter. Unison Advisors LLC now owns 18,144 shares of the industrial products company's stock valued at $477,000 after buying an additional 666 shares in the last quarter. Oppenheimer & Close LLC boosted its holdings in shares of Insteel Industries by 0.5% in the first quarter. Oppenheimer & Close LLC now owns 138,041 shares of the industrial products company's stock worth $3,630,000 after buying an additional 678 shares during the period. MetLife Investment Management LLC increased its position in shares of Insteel Industries by 8.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,482 shares of the industrial products company's stock worth $310,000 after acquiring an additional 902 shares in the last quarter. Finally, Cardinal Capital Management raised its holdings in shares of Insteel Industries by 3.5% during the first quarter. Cardinal Capital Management now owns 37,881 shares of the industrial products company's stock valued at $996,000 after acquiring an additional 1,271 shares during the period. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Performance

Shares of IIIN stock traded down $0.31 on Monday, reaching $36.26. 112,807 shares of the company's stock traded hands, compared to its average volume of 165,659. The company has a market capitalization of $703.83 million, a P/E ratio of 36.63, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $41.64. The business's 50 day moving average price is $36.62 and its two-hundred day moving average price is $31.82.

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 (EPS) for the quarter, topping 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 revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.34 earnings per share. Research analysts predict that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.33%. Insteel Industries's 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.