Invenomic Capital Management LP Invests $5.81 Million in Insteel Industries, Inc. (NASDAQ:IIIN)

Invenomic Capital Management LP purchased a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 215,159 shares of the industrial products company's stock, valued at approximately $5,811,000. Invenomic Capital Management LP owned about 1.11% of Insteel Industries as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of IIIN. Smartleaf Asset Management LLC raised its holdings 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 valued at $53,000 after acquiring an additional 1,660 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Insteel Industries by 3,568.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company's stock worth $69,000 after buying an additional 2,498 shares during the period. AlphaQuest LLC purchased a new stake in Insteel Industries in the fourth quarter worth about $83,000. KLP Kapitalforvaltning AS bought a new stake in Insteel Industries during the 4th quarter valued at approximately $97,000. Finally, Quantbot Technologies LP grew its holdings in shares of Insteel Industries by 106.5% during the 4th quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company's stock worth $216,000 after acquiring an additional 4,130 shares during the period. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Performance

Shares of NASDAQ IIIN traded down $0.41 during mid-day trading on Thursday, hitting $36.60. 143,999 shares of the stock traded hands, compared to its average volume of 144,433. The stock has a fifty day moving average price of $29.44 and a 200-day moving average price of $28.83. The company has a market cap of $710.48 million, a price-to-earnings ratio of 36.97, a PEG ratio of 1.81 and a beta of 0.72. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week high of $37.61.

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.