GAMMA Investing LLC lifted its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 23,382.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,150 shares of the industrial products company's stock after acquiring an additional 13,094 shares during the period. GAMMA Investing LLC owned approximately 0.07% of Insteel Industries worth $3,460,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in IIIN. Invenomic Capital Management LP bought a new stake in shares of Insteel Industries during the fourth quarter worth $5,811,000. Hsbc Holdings PLC bought a new stake in shares of Insteel Industries during the fourth quarter worth $4,527,000. Oppenheimer & Close LLC bought a new stake in shares of Insteel Industries during the fourth quarter worth $3,710,000. First Eagle Investment Management LLC increased its position in shares of Insteel Industries by 17.8% during the fourth quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company's stock worth $12,688,000 after acquiring an additional 70,878 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Insteel Industries by 36.5% during the fourth quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company's stock worth $6,794,000 after acquiring an additional 67,244 shares in the last quarter. Institutional investors own 83.27% of the company's stock.
Insteel Industries Stock Down 1.5%
IIIN traded down $0.52 during trading hours on Friday, hitting $34.54. 123,815 shares of the company's stock were exchanged, compared to its average volume of 148,133. Insteel Industries, Inc. has a 1-year low of $22.49 and a 1-year high of $37.61. The stock's 50-day moving average is $33.49 and its two-hundred day moving average is $29.84. The stock has a market cap of $670.49 million, a price-to-earnings ratio of 34.89, a PEG ratio of 1.81 and a beta of 0.72.
Insteel Industries Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Friday, June 13th. Insteel Industries's payout ratio is 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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