Insteel Industries (NASDAQ:IIIN) Sets New 52-Week High - Still a Buy?

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) shares hit a new 52-week high on Thursday . The stock traded as high as $39.36 and last traded at $39.44, with a volume of 8170 shares. The stock had previously closed at $38.89.

Insteel Industries Stock Performance

The firm's 50 day moving average is $36.39 and its two-hundred day moving average is $30.95. The stock has a market capitalization of $766.35 million, a PE ratio of 39.88, a P/E/G ratio of 1.81 and a beta of 0.72.

Insteel Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date was Friday, June 13th. Insteel Industries's dividend payout ratio is presently 10.34%.

Institutional Investors Weigh In On Insteel Industries

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Insteel Industries by 36.5% in the 4th quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company's stock valued at $6,794,000 after buying an additional 67,244 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Insteel Industries by 4.2% during the 4th quarter. Victory Capital Management Inc. now owns 88,367 shares of the industrial products company's stock worth $2,387,000 after purchasing an additional 3,600 shares during the period. AlphaQuest LLC acquired a new stake in Insteel Industries during the 4th quarter worth $83,000. Wealthfront Advisers LLC acquired a new stake in Insteel Industries during the 4th quarter worth $1,369,000. Finally, First Eagle Investment Management LLC boosted its stake in Insteel Industries by 17.8% during the 4th quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company's stock worth $12,688,000 after purchasing an additional 70,878 shares during the period. 83.27% of the stock is owned by hedge funds and other institutional investors.

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.