Millennium Management LLC Grows Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Millennium Management LLC grew its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 53.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,938 shares of the industrial products company's stock after acquiring an additional 25,204 shares during the period. Millennium Management LLC owned about 0.37% of Insteel Industries worth $1,943,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Insteel Industries by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company's stock valued at $33,523,000 after acquiring an additional 41,908 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 valued at $18,487,000 after acquiring an additional 36,978 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Insteel Industries by 1.1% during the fourth quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company's stock valued at $14,518,000 after acquiring an additional 5,935 shares in the last quarter. First Eagle Investment Management LLC raised its stake 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 valued at $12,688,000 after acquiring an additional 70,878 shares in the last quarter. Finally, Robotti Robert increased its holdings in Insteel Industries by 0.4% during the fourth quarter. Robotti Robert now owns 299,245 shares of the industrial products company's stock valued at $8,083,000 after buying an additional 1,110 shares during the period. Institutional investors own 83.27% of the company's stock.

Insteel Industries Stock Up 0.9%

IIIN stock traded up $0.31 during trading on Friday, hitting $35.87. 94,073 shares of the company's stock traded hands, compared to its average volume of 147,502. The firm has a market capitalization of $696.31 million, a P/E ratio of 36.23, a PEG ratio of 1.81 and a beta of 0.72. The business has a fifty day simple moving average of $32.40 and a two-hundred day simple moving average of $29.66. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $37.61.

Insteel Industries Dividend Announcement

The firm also recently disclosed 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 0.33%. The ex-dividend date is Friday, June 13th. Insteel Industries's payout ratio is 10.34%.

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.