Jacobs Levy Equity Management Inc. Purchases 23,109 Shares of Insteel Industries, Inc. $IIIN

Key Points

• Jacobs Levy Equity Management Inc. has increased its holdings in Insteel Industries by 16.1%, bringing its total ownership to 166,849 shares valued at approximately $4.39 million.
• The company recently declared a quarterly dividend of $0.03 per share, with an annualized yield of 0.3%, to be paid on September 26th.
• Insteel Industries reported a 23.4% revenue increase in its latest quarterly earnings, exceeding analyst expectations with earnings per share of $0.78.

Jacobs Levy Equity Management Inc. grew its stake in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 16.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,849 shares of the industrial products company's stock after buying an additional 23,109 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.86% of Insteel Industries worth $4,388,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of IIIN. CWM LLC grew its stake in Insteel Industries by 150.9% in the 1st quarter. CWM LLC now owns 4,744 shares of the industrial products company's stock worth $125,000 after buying an additional 2,853 shares in the last quarter. State of Wyoming grew its stake in Insteel Industries by 76.4% in the 4th quarter. State of Wyoming now owns 5,554 shares of the industrial products company's stock worth $150,000 after buying an additional 2,406 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Insteel Industries in the 1st quarter worth approximately $200,000. Jump Financial LLC purchased a new position in Insteel Industries in the 1st quarter worth approximately $235,000. Finally, BNP Paribas Financial Markets grew its stake in Insteel Industries by 67.7% in the 4th quarter. BNP Paribas Financial Markets now owns 9,869 shares of the industrial products company's stock worth $267,000 after buying an additional 3,984 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company's stock.

Insider Activity

In other news, SVP James R. York sold 3,000 shares of the company'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 completion of the sale, the senior vice president owned 9,443 shares of the company's stock, valued at approximately $363,555.50. This represents a 24.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.00% of the company's stock.

Insteel Industries Stock Down 2.4%

Shares of Insteel Industries stock traded down $0.94 during trading on Friday, reaching $38.56. The company's stock had a trading volume of 70,425 shares, compared to its average volume of 152,860. Insteel Industries, Inc. has a 52-week low of $22.49 and a 52-week high of $41.64. The company has a market cap of $748.43 million, a price-to-earnings ratio of 38.95, a PEG ratio of 1.81 and a beta of 0.78. The firm's 50-day moving average is $37.53 and its two-hundred day moving average is $33.91.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last announced its quarterly earnings data 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 in the previous year, the business posted $0.34 earnings per share. The firm's quarterly revenue was up 23.4% compared to the same quarter last year. On average, equities research analysts anticipate that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Insteel Industries's dividend payout ratio is 7.50%.

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.