Robotti Robert raised its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 6.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 262,780 shares of the industrial products company’s stock after buying an additional 15,415 shares during the period. Insteel Industries comprises about 1.4% of Robotti Robert’s investment portfolio, making the stock its 14th biggest holding. Robotti Robert’s holdings in Insteel Industries were worth $10,043,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Cardinal Capital Management increased its position in shares of Insteel Industries by 1.7% during the 4th quarter. Cardinal Capital Management now owns 24,031 shares of the industrial products company’s stock worth $920,000 after purchasing an additional 395 shares in the last quarter. StoneX Group Inc. increased its stake in Insteel Industries by 0.9% in the first quarter. StoneX Group Inc. now owns 44,303 shares of the industrial products company’s stock valued at $1,693,000 after purchasing an additional 395 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in 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 during the period. Unison Advisors LLC lifted its stake in 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 buying an additional 1,128 shares in the last quarter. Finally, Scarborough Advisors LLC acquired a new position in Insteel Industries in the 4th quarter worth $44,000. Institutional investors and hedge funds own 83.27% of the company’s stock.
Insteel Industries Stock Down 1.8 %
Shares of IIIN stock traded down $0.62 during trading on Monday, reaching $34.09. The company’s stock had a trading volume of 77,805 shares, compared to its average volume of 101,025. The company has a market cap of $662.71 million, a price-to-earnings ratio of 27.49, a price-to-earnings-growth ratio of 2.92 and a beta of 1.11. The business has a fifty day moving average price of $31.46 and a 200-day moving average price of $33.71. Insteel Industries, Inc. has a one year low of $26.86 and a one year high of $39.38.
Insteel Industries Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, June 14th. Insteel Industries’s payout ratio is currently 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.
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