The Manufacturers Life Insurance Company Raises Position in Insteel Industries, Inc. (NASDAQ:IIIN)

The Manufacturers Life Insurance Company raised its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 8.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,631 shares of the industrial products company’s stock after buying an additional 585 shares during the period. The Manufacturers Life Insurance Company’s holdings in Insteel Industries were worth $236,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Insteel Industries in the 1st quarter valued at $1,717,000. First Eagle Investment Management LLC raised its holdings in shares of Insteel Industries by 12.1% in the 1st quarter. First Eagle Investment Management LLC now owns 279,015 shares of the industrial products company’s stock valued at $10,664,000 after purchasing an additional 30,088 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Insteel Industries by 11.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 270,074 shares of the industrial products company’s stock valued at $10,322,000 after purchasing an additional 27,553 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Insteel Industries by 4.7% in the 4th quarter. Wellington Management Group LLP now owns 76,942 shares of the industrial products company’s stock valued at $2,946,000 after purchasing an additional 3,459 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of Insteel Industries by 9.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 11,871 shares of the industrial products company’s stock valued at $454,000 after purchasing an additional 1,059 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Price Performance

Shares of NASDAQ:IIIN opened at $27.34 on Friday. The company’s fifty day moving average price is $31.36 and its 200 day moving average price is $32.05. Insteel Industries, Inc. has a 12 month low of $26.86 and a 12 month high of $39.38. The firm has a market capitalization of $532.45 million, a P/E ratio of 22.05, a P/E/G ratio of 1.21 and a beta of 1.10.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, July 18th. The industrial products company reported $0.34 EPS 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 company had revenue of $145.80 million for the quarter, compared to analyst estimates of $153.04 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. Insteel Industries’s revenue was down 12.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Insteel Industries, Inc. will post 0.99 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a dividend of $0.03 per share. The ex-dividend date was Friday, September 13th. This represents a $0.12 annualized dividend and a yield of 0.44%. Insteel Industries’s dividend payout ratio is currently 9.68%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Insteel Industries from a “hold” rating to a “buy” rating in a report on Friday.

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.