Insteel Industries, Inc. $IIIN Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board lifted its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 44.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,338 shares of the industrial products company’s stock after buying an additional 29,139 shares during the period. Public Sector Pension Investment Board owned approximately 0.49% of Insteel Industries worth $3,655,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. AQR Capital Management LLC lifted its position in Insteel Industries by 12.4% during the 1st quarter. AQR Capital Management LLC now owns 155,949 shares of the industrial products company’s stock worth $4,101,000 after acquiring an additional 17,168 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Insteel Industries during the first quarter worth $225,000. Yousif Capital Management LLC acquired a new position in shares of Insteel Industries during the second quarter worth $272,000. New York State Teachers Retirement System boosted its stake in shares of Insteel Industries by 32.4% in the second quarter. New York State Teachers Retirement System now owns 6,204 shares of the industrial products company’s stock valued at $231,000 after purchasing an additional 1,517 shares during the period. Finally, AlphaQuest LLC grew its holdings in Insteel Industries by 202.6% during the 2nd quarter. AlphaQuest LLC now owns 9,252 shares of the industrial products company’s stock valued at $344,000 after purchasing an additional 6,194 shares in the last quarter. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Price Performance

Insteel Industries stock opened at $38.09 on Friday. 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 $738.79 million, a price-to-earnings ratio of 38.47, a price-to-earnings-growth ratio of 1.81 and a beta of 0.84. The firm’s fifty day moving average price is $33.98 and its 200 day moving average price is $34.62.

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

Insteel Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, March 13th. Insteel Industries’s dividend payout ratio (DPR) is 4.94%.

Insteel Industries Profile

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.