Wealthfront Advisers LLC Acquires New Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Wealthfront Advisers LLC acquired a new stake in Insteel Industries, Inc. (NASDAQ:IIIN) in the fourth quarter, Holdings Channel.com reports. The fund acquired 50,673 shares of the industrial products company’s stock, valued at approximately $1,369,000.

A number of other hedge funds have also recently modified their holdings of IIIN. Isthmus Partners LLC lifted its position in Insteel Industries by 10.4% in the fourth quarter. Isthmus Partners LLC now owns 91,243 shares of the industrial products company’s stock valued at $2,464,000 after buying an additional 8,609 shares during the last quarter. AlphaQuest LLC acquired a new position in Insteel Industries in the fourth quarter valued at about $83,000. Inceptionr LLC acquired a new position in Insteel Industries in the fourth quarter valued at about $261,000. Victory Capital Management Inc. lifted its position in Insteel Industries by 4.2% in the fourth quarter. Victory Capital Management Inc. now owns 88,367 shares of the industrial products company’s stock valued at $2,387,000 after buying an additional 3,600 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in Insteel Industries by 535.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock valued at $53,000 after buying an additional 1,660 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Price Performance

NASDAQ IIIN opened at $27.02 on Friday. The firm’s 50-day moving average is $27.90 and its two-hundred day moving average is $29.08. Insteel Industries, Inc. has a 12 month low of $23.60 and a 12 month high of $38.40. The stock has a market capitalization of $524.97 million, a P/E ratio of 27.29, a PEG ratio of 1.81 and a beta of 1.13.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03). The business had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. As a group, analysts anticipate that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. Insteel Industries’s dividend payout ratio is presently 12.12%.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.