Insteel Industries, Inc. (NASDAQ:IIIN) Shares Acquired by Cardinal Capital Management

Cardinal Capital Management lifted its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 21.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,118 shares of the industrial products company’s stock after purchasing an additional 5,087 shares during the quarter. Cardinal Capital Management owned about 0.15% of Insteel Industries worth $1,113,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IIIN. Pacer Advisors Inc. boosted its holdings in Insteel Industries by 195.2% in the fourth quarter. Pacer Advisors Inc. now owns 728,935 shares of the industrial products company’s stock valued at $27,911,000 after acquiring an additional 482,026 shares during the last quarter. Cerity Partners LLC purchased a new position in Insteel Industries in the fourth quarter valued at about $5,501,000. First Eagle Investment Management LLC increased its stake in shares of Insteel Industries by 41.9% in the fourth quarter. First Eagle Investment Management LLC now owns 248,927 shares of the industrial products company’s stock worth $9,531,000 after buying an additional 73,540 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Insteel Industries by 2,097.5% in the 4th quarter. Russell Investments Group Ltd. now owns 62,474 shares of the industrial products company’s stock valued at $2,392,000 after purchasing an additional 59,631 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Insteel Industries by 41.2% in the 3rd quarter. American Century Companies Inc. now owns 200,315 shares of the industrial products company’s stock worth $6,502,000 after acquiring an additional 58,423 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 NASDAQ:IIIN opened at $30.01 on Friday. The company’s fifty day moving average is $32.10 and its two-hundred day moving average is $34.58. Insteel Industries, Inc. has a 1-year low of $26.86 and a 1-year high of $39.38. The stock has a market capitalization of $584.59 million, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 1.63 and a beta of 1.15.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.22 by $0.13. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. The company had revenue of $127.40 million for the quarter, compared to analyst estimates of $134.89 million. During the same quarter last year, the business earned $0.26 earnings per share. Insteel Industries’s revenue was down 19.9% compared to the same quarter last year. Sell-side analysts expect that Insteel Industries, Inc. will post 1.55 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, June 14th. Insteel Industries’s dividend payout ratio (DPR) is presently 9.68%.

Insteel Industries 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.