Oppenheimer & Co. Inc. lifted its position in shares of Insteel Industries Inc (NASDAQ:IIIN) by 266.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,450 shares of the industrial products company’s stock after purchasing an additional 22,150 shares during the period. Oppenheimer & Co. Inc.’s holdings in Insteel Industries were worth $863,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of IIIN. Advisory Services Network LLC boosted its holdings in shares of Insteel Industries by 3.2% during the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 181 shares during the period. Oppenheimer & Close LLC purchased a new stake in Insteel Industries in the third quarter worth about $203,000. Stifel Financial Corp purchased a new stake in Insteel Industries in the third quarter worth about $204,000. Louisiana State Employees Retirement System purchased a new stake in Insteel Industries in the fourth quarter worth about $221,000. Finally, Municipal Employees Retirement System of Michigan lifted its holdings in Insteel Industries by 43.0% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,910 shares of the industrial products company’s stock worth $233,000 after buying an additional 2,680 shares during the period. Institutional investors own 81.42% of the company’s stock.
Shares of Insteel Industries Inc (NASDAQ:IIIN) opened at $31.13 on Tuesday. Insteel Industries Inc has a 1-year low of $23.20 and a 1-year high of $38.69. The company has a market cap of $592.75, a PE ratio of 27.07 and a beta of 2.01.
Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The company had revenue of $97.74 million during the quarter, compared to analysts’ expectations of $94.90 million. During the same quarter last year, the business earned $0.23 earnings per share. The business’s quarterly revenue was up 4.1% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be issued a $0.03 dividend. The ex-dividend date is Thursday, March 15th. This represents a $0.12 annualized dividend and a yield of 0.39%. Insteel Industries’s dividend payout ratio (DPR) is presently 8.76%.
IIIN has been the subject of several research analyst reports. Sidoti initiated coverage on shares of Insteel Industries in a report on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective for the company. BidaskClub upgraded shares of Insteel Industries from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 23rd. Finally, TheStreet upgraded shares of Insteel Industries from a “c+” rating to a “b-” rating in a report on Wednesday, January 17th.
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About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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