Los Angeles Capital Management & Equity Research Inc. boosted its position in Insteel Industries Inc (NASDAQ:IIIN) by 43.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,965 shares of the industrial products company’s stock after purchasing an additional 3,650 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned about 0.06% of Insteel Industries worth $312,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in IIIN. Franklin Resources Inc. lifted its position in Insteel Industries by 42.9% in the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after purchasing an additional 211,900 shares during the period. Royal Bank of Canada increased its holdings in Insteel Industries by 12.5% in the second quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock valued at $47,921,000 after buying an additional 161,813 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Insteel Industries by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock valued at $42,771,000 after buying an additional 104,298 shares in the last quarter. Kennedy Capital Management Inc. purchased a new position in Insteel Industries in the second quarter valued at about $2,411,000. Finally, Royce & Associates LP increased its holdings in Insteel Industries by 3.4% in the second quarter. Royce & Associates LP now owns 1,748,930 shares of the industrial products company’s stock valued at $57,662,000 after buying an additional 57,600 shares in the last quarter. Hedge funds and other institutional investors own 81.06% of the company’s stock.
Insteel Industries Inc (NASDAQ:IIIN) opened at $27.32 on Monday. Insteel Industries Inc has a 1-year low of $23.20 and a 1-year high of $40.47. The stock has a market cap of $520.20, a PE ratio of 23.15 and a beta of 2.11.
The business also recently announced a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s dividend payout ratio (DPR) is presently 10.17%.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the transaction, the vice president now directly owns 14,788 shares of the company’s stock, valued at $400,902.68. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 5.70% of the company’s stock.
A number of research analysts have issued reports on the stock. Longbow Research cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. TheStreet cut shares of Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Finally, BidaskClub cut shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold”.
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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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