Amalgamated Bank reduced its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 9.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,681 shares of the industrial products company’s stock after selling 585 shares during the period. Amalgamated Bank’s holdings in Insteel Industries were worth $176,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Scarborough Advisors LLC acquired a new stake in shares of Insteel Industries during the fourth quarter valued at about $44,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Insteel Industries by 409.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 2,685 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Insteel Industries in the second quarter valued at approximately $121,000. Hantz Financial Services Inc. acquired a new position in shares of Insteel Industries in the second quarter valued at approximately $270,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Insteel Industries by 76.9% in the first quarter. BNP Paribas Financial Markets now owns 9,264 shares of the industrial products company’s stock valued at $354,000 after purchasing an additional 4,028 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.
Insteel Industries Stock Performance
Shares of IIIN stock opened at $31.08 on Tuesday. The stock has a market capitalization of $605.28 million, a P/E ratio of 25.06, a price-to-earnings-growth ratio of 2.65 and a beta of 1.11. The company has a 50 day moving average price of $32.25 and a 200 day moving average price of $32.74. Insteel Industries, Inc. has a fifty-two week low of $26.86 and a fifty-two week high of $39.38.
Insteel Industries Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.03 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.39%. 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.
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