Insteel Industries, Inc. $IIIN Shares Bought by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Insteel Industries by 26.6%, acquiring an additional 12,956 shares during the first quarter, now holding a total of 61,651 shares valued at approximately $1.62 million.
• Insteel Industries recently reported an Earnings Per Share (EPS) of $0.78 for the last quarter, exceeding analysts' estimates by $0.09, while its quarterly revenue rose by 23.4% year-over-year.
• The company announced a quarterly dividend of $0.03 per share to be paid on September 26th, reflecting a 0.3% yield and a dividend payout ratio of 7.50%.

Public Sector Pension Investment Board increased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 26.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,651 shares of the industrial products company's stock after buying an additional 12,956 shares during the quarter. Public Sector Pension Investment Board owned about 0.32% of Insteel Industries worth $1,621,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Nuveen LLC purchased a new position in shares of Insteel Industries during the first quarter worth about $1,190,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Insteel Industries by 36.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company's stock worth $6,672,000 after buying an additional 67,422 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Insteel Industries by 5.4% during the first quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company's stock worth $34,414,000 after buying an additional 67,377 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Insteel Industries during the first quarter worth about $200,000. Finally, Bastion Asset Management Inc. purchased a new position in shares of Insteel Industries during the first quarter worth about $1,489,000. Hedge funds and other institutional investors own 83.27% of the company's stock.

Insteel Industries Stock Performance

NASDAQ:IIIN traded up $0.35 during mid-day trading on Tuesday, reaching $38.81. The stock had a trading volume of 24,403 shares, compared to its average volume of 157,954. The firm has a market capitalization of $753.30 million, a price-to-earnings ratio of 39.14, a PEG ratio of 1.81 and a beta of 0.74. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $41.64. The business has a 50 day simple moving average of $37.04 and a 200 day simple moving average of $33.07.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The industrial products company reported $0.78 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%. The business's revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 earnings per share. As a group, sell-side analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Announces Dividend

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

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.