Oppenheimer & Close LLC Takes Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Close LLC bought a new stake in Insteel Industries, Inc. (NASDAQ:IIIN) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 137,363 shares of the industrial products company’s stock, valued at approximately $3,710,000. Insteel Industries accounts for about 3.0% of Oppenheimer & Close LLC’s investment portfolio, making the stock its 13th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in Insteel Industries by 4.8% during the third quarter. Victory Capital Management Inc. now owns 84,767 shares of the industrial products company’s stock worth $2,635,000 after buying an additional 3,886 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Insteel Industries during the third quarter worth about $690,000. Pacer Advisors Inc. increased its holdings in Insteel Industries by 3.5% during the third quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock worth $20,606,000 after buying an additional 22,543 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Insteel Industries by 132.7% in the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after purchasing an additional 232,514 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd increased its stake in shares of Insteel Industries by 87.2% in the third quarter. Dynamic Technology Lab Private Ltd now owns 19,706 shares of the industrial products company’s stock worth $613,000 after purchasing an additional 9,182 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Down 1.1 %

IIIN opened at $27.20 on Friday. The company has a market capitalization of $528.60 million, a price-to-earnings ratio of 27.48, a PEG ratio of 1.81 and a beta of 1.13. The firm has a 50-day moving average price of $28.16 and a 200-day moving average price of $28.86. Insteel Industries, Inc. has a twelve month low of $23.60 and a twelve month high of $38.40.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same quarter last year, the business posted $0.06 earnings per share. Insteel Industries’s revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.03 per share. The ex-dividend date is Friday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.44%. Insteel Industries’s 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.