MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 44.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 989,138 shares of the industrial products company's stock after acquiring an additional 304,671 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 5.10% of Insteel Industries worth $26,014,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of IIIN. CWM LLC lifted its holdings in shares of Insteel Industries by 150.9% during the first quarter. CWM LLC now owns 4,744 shares of the industrial products company's stock worth $125,000 after purchasing an additional 2,853 shares during the period. State of Wyoming lifted its holdings in Insteel Industries by 76.4% during 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 during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Insteel Industries during the 1st quarter worth about $200,000. Jump Financial LLC bought a new stake in shares of Insteel Industries in the 1st quarter valued at about $235,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Insteel Industries by 67.7% in the fourth quarter. BNP Paribas Financial Markets now owns 9,869 shares of the industrial products company's stock valued at $267,000 after buying an additional 3,984 shares during the period. Institutional investors own 83.27% of the company's stock.
Insteel Industries Stock Performance
Shares of IIIN traded down $0.82 during mid-day trading on Friday, reaching $38.66. 26,494 shares of the company were exchanged, compared to its average volume of 152,587. The business has a 50 day simple moving average of $37.54 and a two-hundred day simple moving average of $33.77. The stock has a market capitalization of $750.29 million, a PE ratio of 39.07, a PEG ratio of 1.81 and a beta of 0.78. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week 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 EPS for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.During the same period in the previous year, the firm earned $0.34 EPS. Insteel Industries's revenue for the quarter was up 23.4% on a year-over-year basis. On average, analysts predict that Insteel Industries, Inc. will post 1.38 EPS for the current year.
Insteel Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a dividend of $0.03 per share. The ex-dividend date is Friday, September 12th. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Insteel Industries's dividend payout ratio is 7.50%.
Insiders Place Their Bets
In related news, SVP James R. York sold 3,000 shares of the business'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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.00% of the stock is owned by corporate insiders.
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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