SG Capital Management LLC Makes New Investment in Insteel Industries, Inc. $IIIN

SG Capital Management LLC purchased a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 85,131 shares of the industrial products company’s stock, valued at approximately $3,264,000. SG Capital Management LLC owned approximately 0.44% of Insteel Industries at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Insteel Industries during the 2nd quarter valued at $60,000. BNP Paribas Financial Markets raised its holdings in Insteel Industries by 74.3% during the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company’s stock valued at $84,000 after acquiring an additional 958 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Insteel Industries by 30.2% in the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 583 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Insteel Industries by 372.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the industrial products company’s stock worth $122,000 after acquiring an additional 2,588 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey grew its position in shares of Insteel Industries by 24.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,715 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 922 shares in the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Trading Down 0.7%

Shares of IIIN opened at $37.03 on Thursday. The business’s 50 day moving average is $33.79 and its 200 day moving average is $34.58. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $41.64. The company has a market capitalization of $718.31 million, a PE ratio of 37.41, a price-to-earnings-growth ratio of 1.81 and a beta of 0.84.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 15th. The industrial products company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.06. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.The firm’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. Equities research analysts predict that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.03 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.12 annualized dividend and a yield of 0.3%. Insteel Industries’s payout ratio is presently 4.94%.

About Insteel Industries

Insteel Industries, Inc is a leading U.S. manufacturer of fabricated steel wire reinforcing products used in concrete construction. Headquartered in Mount Airy, North Carolina, the company specializes in the production of welded wire reinforcing mesh, steel wire chairs and supports, and various accessories designed to improve the strength and durability of residential, commercial and infrastructure concrete projects. Insteel’s products are engineered to meet industry specifications for load‐bearing capacity, corrosion resistance and ease of installation.

The company operates multiple manufacturing facilities across the United States, employing automated welding and forming processes to ensure consistent product quality and efficient throughput.