MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $26.01 Million Stock Position in Insteel Industries, Inc. $IIIN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Insteel Industries by 44.5%, owning approximately 989,138 shares valued at $26.01 million.
• Insteel Industries reported a 23.4% revenue increase year-over-year and exceeded EPS expectations with $0.78 compared to the consensus estimate of $0.69.
• The company announced a quarterly dividend of $0.03 per share, with a yield of 0.3% and a payout ratio of 7.50%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 44.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 989,138 shares of the industrial products company's stock after purchasing 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.

A number of other hedge funds have also recently bought and sold shares of the business. Invenomic Capital Management LP bought a new stake in Insteel Industries during the 4th quarter valued at $5,811,000. Ancora Advisors LLC bought a new stake in Insteel Industries during the 1st quarter valued at $2,890,000. Charles Schwab Investment Management Inc. raised its stake in Insteel Industries by 36.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company's stock valued at $6,672,000 after acquiring an additional 67,422 shares in the last quarter. Vanguard Group Inc. raised its stake in Insteel Industries by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company's stock valued at $34,414,000 after acquiring an additional 67,377 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in Insteel Industries during the 1st quarter valued at $1,628,000. Institutional investors and hedge funds own 83.27% of the company's stock.

Insteel Industries Price Performance

Shares of IIIN traded down $0.94 during midday trading on Friday, reaching $38.56. The 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 firm's 50 day moving average price is $37.53 and its 200-day moving average price is $33.87. The company has a market capitalization of $748.43 million, a P/E ratio of 38.95, a P/E/G ratio of 1.81 and a beta of 0.78.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued its earnings results on Thursday, July 17th. The industrial products company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business posted $0.34 EPS. The firm's revenue was up 23.4% on a year-over-year basis. On average, equities analysts forecast that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid 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 currently 7.50%.

Insider Transactions at Insteel Industries

In related news, SVP James R. York sold 3,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $38.50, for a total transaction of $115,500.00. Following the transaction, the senior vice president directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 6.00% of the stock is owned by corporate insiders.

Insteel Industries Company 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.