Grace & White Inc. NY Takes $391,000 Position in Insteel Industries, Inc. $IIIN

Key Points

• Grace & White Inc. NY has acquired a new stake worth approximately $391,000 in Insteel Industries, purchasing 10,500 shares during the second quarter, representing about 0.05% ownership of the company.
• Insteel Industries reported $0.78 EPS for the last quarter, exceeding analysts' expectations, with a 23.4% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.03 per share, resulting in a 0.3% annual yield, and has a dividend payout ratio of 7.50%.

Grace & White Inc. NY purchased a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,500 shares of the industrial products company's stock, valued at approximately $391,000. Grace & White Inc. NY owned approximately 0.05% of Insteel Industries at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of IIIN. Cardinal Capital Management grew its stake in Insteel Industries by 3.5% in the 1st quarter. Cardinal Capital Management now owns 37,881 shares of the industrial products company's stock valued at $996,000 after buying an additional 1,271 shares during the last quarter. Total Wealth Planning & Management Inc. acquired a new position in Insteel Industries in the 1st quarter valued at $413,000. Principal Financial Group Inc. grew its stake in Insteel Industries by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 96,847 shares of the industrial products company's stock valued at $2,547,000 after buying an additional 2,244 shares during the last quarter. Oppenheimer & Close LLC grew its stake in Insteel Industries by 0.5% in the 1st quarter. Oppenheimer & Close LLC now owns 138,041 shares of the industrial products company's stock valued at $3,630,000 after buying an additional 678 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC grew its stake in Insteel Industries by 18.1% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 20,984 shares of the industrial products company's stock valued at $552,000 after buying an additional 3,219 shares during the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Trading Down 3.3%

NASDAQ:IIIN opened at $36.84 on Friday. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $41.64. The firm's fifty day simple moving average is $37.92 and its 200 day simple moving average is $35.35. The firm has a market capitalization of $715.06 million, a PE ratio of 37.21, a PEG ratio of 1.81 and a beta of 0.79.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its earnings results on Thursday, July 17th. The industrial products company reported $0.78 earnings per share (EPS) 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%. During the same period last year, the firm posted $0.34 EPS. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. As a group, analysts anticipate that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date was 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 firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $38.50, for a total value of $115,500.00. Following the sale, the senior vice president directly owned 9,443 shares in the company, valued at $363,555.50. This trade represents a 24.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.00% of the stock is owned by corporate insiders.

Insteel Industries 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.