Millennium Management LLC grew its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 53.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (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 0.37% of Insteel Industries worth $1,943,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its position in shares of Insteel Industries by 535.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company's stock worth $53,000 after acquiring an additional 1,660 shares in the last quarter. AlphaQuest LLC bought a new position in shares of Insteel Industries in the fourth quarter worth $83,000. KLP Kapitalforvaltning AS bought a new position in shares of Insteel Industries in the fourth quarter worth $97,000. Quantbot Technologies LP increased its stake in Insteel Industries by 106.5% in the fourth quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company's stock valued at $216,000 after acquiring an additional 4,130 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Insteel Industries during the fourth quarter valued at about $257,000. Hedge funds and other institutional investors own 83.27% of the company's stock.
Insteel Industries Trading Down 1.0%
Shares of NASDAQ:IIIN traded down $0.37 on Wednesday, reaching $35.58. 107,399 shares of the company traded hands, compared to its average volume of 147,006. The business's 50-day simple moving average is $31.84 and its 200 day simple moving average is $29.54. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week high of $37.61. The stock has a market capitalization of $690.68 million, a P/E ratio of 35.94, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72.
Insteel Industries Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.34%. Insteel Industries's payout ratio is presently 10.34%.
About Insteel Industries
(
Free Report)
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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