Invenomic Capital Management LP Increases Holdings in Insteel Industries, Inc. $IIIN

Key Points

• Invenomic Capital Management LP increased its holdings in Insteel Industries by 63.4% in Q1, acquiring an additional 136,494 shares, bringing its total to 351,653 shares valued at approximately $9.25 million.
• Insteel Industries announced a quarterly dividend of $0.03 per share, payable on September 26th, with an annualized yield of 0.3% and a payout ratio of 7.50%.
• The company reported earnings per share of $0.78 for the last quarter, exceeding estimates, and achieving a 23.4% revenue increase year-over-year.

Invenomic Capital Management LP grew its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 63.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 351,653 shares of the industrial products company's stock after buying an additional 136,494 shares during the quarter. Invenomic Capital Management LP owned 1.81% of Insteel Industries worth $9,248,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IIIN. Vanguard Group Inc. grew its stake in Insteel Industries by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company's stock worth $34,414,000 after acquiring an additional 67,377 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Insteel Industries by 5.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 684,467 shares of the industrial products company's stock worth $18,487,000 after purchasing an additional 36,978 shares during the last quarter. Robotti Robert grew its position in Insteel Industries by 0.8% during the first quarter. Robotti Robert now owns 301,740 shares of the industrial products company's stock valued at $7,936,000 after buying an additional 2,495 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Insteel Industries by 36.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company's stock worth $6,672,000 after acquiring an additional 67,422 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in Insteel Industries by 1.6% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 240,290 shares of the industrial products company's stock worth $6,320,000 after purchasing an additional 3,880 shares during the period. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Price Performance

Shares of IIIN stock opened at $38.88 on Friday. The firm's 50-day moving average is $37.49 and its two-hundred day moving average is $33.47. The company has a market capitalization of $754.56 million, a PE ratio of 39.27, a price-to-earnings-growth ratio of 1.81 and a beta of 0.78. Insteel Industries, Inc. has a 12 month low of $22.49 and a 12 month high of $41.64.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last announced its earnings results on Thursday, July 17th. The industrial products company reported $0.78 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the company posted $0.34 EPS. The business's revenue was up 23.4% compared to the same quarter last year. Sell-side analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, September 12th. Insteel Industries's payout ratio is 7.50%.

Insider Buying and Selling

In other Insteel Industries news, SVP James R. York sold 3,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $38.50, for a total transaction of $115,500.00. Following the completion of the transaction, the senior vice president owned 9,443 shares in the company, valued at $363,555.50. The trade was a 24.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.00% of the stock is owned by company insiders.

About Insteel Industries

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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