Oppenheimer & Co. Inc. Boosts Stock Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Co. Inc. lifted its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 275,387 shares of the industrial products company’s stock after buying an additional 5,313 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Insteel Industries were worth $8,526,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IIIN. StoneX Group Inc. boosted its holdings in Insteel Industries by 0.9% in the 1st quarter. StoneX Group Inc. now owns 44,303 shares of the industrial products company’s stock worth $1,693,000 after buying an additional 395 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Insteel Industries by 9.8% in the first quarter. Illinois Municipal Retirement Fund now owns 11,871 shares of the industrial products company’s stock valued at $454,000 after acquiring an additional 1,059 shares in the last quarter. Unison Advisors LLC lifted its position in shares of Insteel Industries by 6.9% in the first quarter. Unison Advisors LLC now owns 17,430 shares of the industrial products company’s stock valued at $666,000 after acquiring an additional 1,128 shares in the last quarter. Scarborough Advisors LLC acquired a new stake in shares of Insteel Industries in the fourth quarter worth approximately $44,000. Finally, Linden Thomas Advisory Services LLC increased its position in shares of Insteel Industries by 10.1% during the second quarter. Linden Thomas Advisory Services LLC now owns 12,887 shares of the industrial products company’s stock worth $399,000 after purchasing an additional 1,180 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $31.65 on Friday. Insteel Industries, Inc. has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The stock’s fifty day moving average is $32.28 and its two-hundred day moving average is $33.06. The firm has a market capitalization of $615.28 million, a P/E ratio of 25.52, a PEG ratio of 2.56 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, July 18th. The industrial products company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.09). Insteel Industries had a return on equity of 5.78% and a net margin of 3.67%. The business had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $153.04 million. During the same period in the prior year, the business posted $0.54 earnings per share. The business’s quarterly revenue was down 12.0% on a year-over-year basis. On average, equities analysts forecast that Insteel Industries, Inc. will post 0.99 earnings per share for the current year.

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Friday, September 13th. Insteel Industries’s dividend payout ratio is currently 9.68%.

Insteel Industries Company Profile

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.