Versor Investments LP Makes New $289,000 Investment in Insteel Industries, Inc. (NASDAQ:IIIN)

Versor Investments LP purchased a new position in Insteel Industries, Inc. (NASDAQ:IIIN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,300 shares of the industrial products company’s stock, valued at approximately $289,000.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position 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 worth $128,000 after purchasing an additional 2,685 shares during the period. nVerses Capital LLC bought a new position in shares of Insteel Industries in the second quarter worth approximately $121,000. The Manufacturers Life Insurance Company boosted its position in shares of Insteel Industries by 8.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 585 shares during the period. Hantz Financial Services Inc. bought a new position in shares of Insteel Industries in the second quarter worth approximately $270,000. Finally, BNP Paribas Financial Markets boosted its position 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 worth $354,000 after purchasing an additional 4,028 shares during the period. 83.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, October 26th.

Insteel Industries Stock Performance

Shares of NASDAQ:IIIN opened at $30.13 on Friday. The firm has a fifty day moving average price of $29.65 and a 200 day moving average price of $31.22. Insteel Industries, Inc. has a fifty-two week low of $26.74 and a fifty-two week high of $39.38. The firm has a market cap of $586.03 million, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.27 and a beta of 1.12.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The firm had revenue of $134.30 million during the quarter, compared to analyst estimates of $140.40 million. As a group, research analysts predict that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.40%. Insteel Industries’s dividend payout ratio is 12.12%.

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.