Insteel Industries, Inc. (NASDAQ:IIIN) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE lifted its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 28.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,994 shares of the industrial products company's stock after purchasing an additional 10,192 shares during the quarter. Bank of America Corp DE owned about 0.24% of Insteel Industries worth $1,242,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. boosted its position in Insteel Industries by 3.0% in the 4th quarter. Principal Financial Group Inc. now owns 94,603 shares of the industrial products company's stock valued at $2,555,000 after buying an additional 2,746 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Insteel Industries in the fourth quarter valued at $929,000. Smartleaf Asset Management LLC boosted its holdings in Insteel Industries by 535.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 1,660 shares during the period. Northern Trust Corp boosted its holdings in Insteel Industries by 11.5% in the fourth quarter. Northern Trust Corp now owns 227,528 shares of the industrial products company's stock valued at $6,146,000 after purchasing an additional 23,427 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Insteel Industries by 131.4% during the 4th quarter. JPMorgan Chase & Co. now owns 32,541 shares of the industrial products company's stock worth $879,000 after purchasing an additional 18,480 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company's stock.

Insteel Industries Stock Performance

IIIN stock traded up $0.31 during mid-day trading on Friday, reaching $35.87. The company had a trading volume of 94,073 shares, compared to its average volume of 147,661. The firm has a fifty day simple moving average of $32.40 and a 200 day simple moving average of $29.66. Insteel Industries, Inc. has a fifty-two week low of $22.49 and a fifty-two week high of $37.61. The company has a market capitalization of $696.31 million, a price-to-earnings ratio of 36.23, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be issued a $0.03 dividend. The ex-dividend date of this dividend is 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 currently 10.34%.

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.