Insteel Industries, Inc. (NASDAQ:IIIN) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 131.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,541 shares of the industrial products company's stock after purchasing an additional 18,480 shares during the quarter. JPMorgan Chase & Co. owned about 0.17% of Insteel Industries worth $879,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Barclays PLC raised its stake in shares of Insteel Industries by 363.7% during the 3rd quarter. Barclays PLC now owns 32,391 shares of the industrial products company's stock worth $1,007,000 after buying an additional 25,405 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Insteel Industries by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company's stock worth $13,523,000 after purchasing an additional 3,612 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Insteel Industries by 3.0% in the 4th quarter. Principal Financial Group Inc. now owns 94,603 shares of the industrial products company's stock valued at $2,555,000 after purchasing an additional 2,746 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Insteel Industries in the fourth quarter valued at about $929,000. Finally, Smartleaf Asset Management LLC boosted its holdings in 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 worth $53,000 after buying an additional 1,660 shares in the last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.

Insteel Industries Price Performance

Insteel Industries stock traded up $1.19 during mid-day trading on Friday, reaching $35.00. The company had a trading volume of 212,179 shares, compared to its average volume of 142,185. The stock's 50-day simple moving average is $28.10 and its 200-day simple moving average is $28.40. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $35.52. The company has a market capitalization of $679.36 million, a P/E ratio of 35.35, a P/E/G ratio of 1.81 and a beta of 0.94.

Insteel Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.34%. The ex-dividend date was Friday, March 14th. Insteel Industries's dividend payout ratio (DPR) is presently 10.34%.

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.