Grantham Mayo Van Otterloo & Co. LLC increased its holdings of Insteel Industries, Inc. (NASDAQ:IIIN) stock 9.7% in the third quarter, according to its latest 13F filing with the Securities and Exchange Commission. The institutional investor held 28,347 shares of the industrial products company after purchasing an additional 2,500 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned 0.15% of Insteel Industries worth $1,079,000 when it last filed with the SEC.
A number of other hedge funds also changed their positions in the company. CI Investments Inc. increased its stake in Insteel Industries by 5.8% during the third quarter. CI Investments Inc. now owns 18,876 shares of the industrial products company valued at $718,000 after buying an additional 1,043 shares last quarter. The Public Sector Pension Investment Board increased its stake in shares of Insteel Industries by 6.4% in the third quarter. The Public Sector Pension Investment Board now owns 42,051 shares of the industrial products company worth $1,600,000 after acquiring 2,526 more shares last quarter. American Century Companies Inc. increased its stake in shares of Insteel Industries to 84.8% in Q3. American Century Companies Inc. now owns 31,957 shares of the industrial products company worth $1,216,000 after acquiring 14,660 additional shares last quarter. IndexIQ Advisors LLC increased its stake in shares of Insteel Industries by 11.1% in Q3. IndexIQ Advisors LLC now owns 14,578 shares of the industrial products company worth $555,000 after acquiring 1,460 additional shares in the last quarter. Finally, Barclays PLC increased its stake in shares of Insteel Industries by 51.5% in the third quarter. Barclays PLC now owns 15,169 shares of the industrial products company worth $577,000 after acquiring 5,157 more shares last quarter. Institutional investors and hedge funds own 77.68% of the company’s shares.
Separately, Vice Chairman Scot R. Jafroodi sold 3,000 shares in a trade dated Wednesday, November 17. The shares were sold at an average price of $45.03, for a total transaction of $135,090.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. 5.20% of the shares are currently held by company insiders.
NASDAQ IIIN opened at $40.33 on Tuesday. The company has a market capitalization of $782.72 million, a price-earnings ratio of 11.86 and a beta of 1.48. The company has a fifty-day moving average price of $40.97 and a 200-day moving average price of $39.13. Insteel Industries, Inc. has a 1 year minimum of $25.00 and a 1 year maximum of $46.50.
Insteel Industries (NASDAQ:IIIN) last released its quarterly results on Thursday, January 20. The industrial products company reported earnings per share of $1.18 for the quarter, beating Thomson Reuters consensus estimate of $0.92 by $0.26. Insteel Industries achieved a net margin of 11.28% and a return on equity of 24.88%.
The company also recently declared a quarterly dividend, which was paid on Friday, December 17. Investors of record on Thursday, December 2 received a dividend of $0.03 per share. The ex-dividend date was Wednesday, December 1. This represents an annualized dividend of $0.12 and a yield of 0.30%. Insteel Industries’ payout ratio is currently 3.53%.
About Insteel Industries
Insteel Industries, Inc. manufactures and markets steel wire reinforcement products for concrete construction applications. Its products include PC strands and welded wire reinforcement (WWR). PC strand products refer to seven-strand strands that are used to transmit compressive forces in precast concrete elements and structures, which can be prestressed or post-tensioned, providing reinforcement for bridges, car parks , buildings and other concrete structures.
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