Tredje AP fonden Invests $832,000 in Insteel Industries, Inc. $IIIN

Tredje AP fonden bought a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,711 shares of the industrial products company’s stock, valued at approximately $832,000. Tredje AP fonden owned about 0.11% of Insteel Industries as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. SG Capital Management LLC purchased a new stake in shares of Insteel Industries during the 3rd quarter worth approximately $3,264,000. Franklin Resources Inc. grew its position in shares of Insteel Industries by 632.0% in the 2nd quarter. Franklin Resources Inc. now owns 87,717 shares of the industrial products company’s stock valued at $3,264,000 after buying an additional 75,734 shares during the last quarter. Vanguard Group Inc. raised its stake in Insteel Industries by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,397,496 shares of the industrial products company’s stock worth $53,580,000 after acquiring an additional 55,712 shares in the last quarter. Lazard Asset Management LLC lifted its position in Insteel Industries by 1,455.6% in the second quarter. Lazard Asset Management LLC now owns 31,703 shares of the industrial products company’s stock valued at $1,179,000 after acquiring an additional 29,665 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in Insteel Industries by 44.0% in the third quarter. Public Sector Pension Investment Board now owns 95,338 shares of the industrial products company’s stock valued at $3,655,000 after acquiring an additional 29,139 shares in the last quarter. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $38.09 on Monday. The stock’s 50-day moving average is $33.98 and its two-hundred day moving average is $34.60. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $41.64. The firm has a market cap of $738.79 million, a price-to-earnings ratio of 38.47, a PEG ratio of 1.81 and a beta of 0.84.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, January 15th. The industrial products company reported $0.39 earnings per share for the quarter, beating 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%.Insteel Industries’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 earnings per share. As a group, research analysts predict that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Cuts Dividend

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

Insteel Industries Company 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.