Insteel Industries (NASDAQ:IIIN) Sets New 52-Week Low at $29.40

Insteel Industries, Inc. (NASDAQ:IIINGet Rating)’s share price reached a new 52-week low on Tuesday . The company traded as low as $29.40 and last traded at $29.78, with a volume of 1668 shares changing hands. The stock had previously closed at $30.84.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Insteel Industries from a “hold” rating to a “buy” rating in a research note on Saturday, July 30th.

Insteel Industries Stock Down 3.1 %

The business’s 50-day moving average is $36.45 and its two-hundred day moving average is $38.25. The company has a market capitalization of $567.62 million, a P/E ratio of 4.54 and a beta of 1.21.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 10th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, June 9th. This represents a $0.12 dividend on an annualized basis and a yield of 0.41%. Insteel Industries’s dividend payout ratio (DPR) is presently 1.87%.

Insider Buying and Selling

In related news, COO Richard Wagner sold 10,576 shares of the firm’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $42.58, for a total transaction of $450,326.08. Following the completion of the sale, the chief operating officer now owns 36,620 shares in the company, valued at $1,559,279.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Richard Wagner sold 10,576 shares of Insteel Industries stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $42.58, for a total value of $450,326.08. Following the completion of the transaction, the chief operating officer now owns 36,620 shares in the company, valued at $1,559,279.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Scot R. Jafroodi sold 1,088 shares of Insteel Industries stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $45.50, for a total transaction of $49,504.00. Following the completion of the transaction, the vice president now owns 41,296 shares of the company’s stock, valued at approximately $1,878,968. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,164 shares of company stock worth $521,600. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Insteel Industries

Large investors have recently modified their holdings of the business. Baystate Wealth Management LLC increased its stake in shares of Insteel Industries by 60.2% in the first quarter. Baystate Wealth Management LLC now owns 1,059 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 398 shares in the last quarter. KBC Group NV purchased a new position in shares of Insteel Industries in the second quarter worth about $55,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Insteel Industries by 143.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company’s stock worth $94,000 after purchasing an additional 1,501 shares in the last quarter. Lazard Asset Management LLC grew its stake in Insteel Industries by 14.8% during the fourth quarter. Lazard Asset Management LLC now owns 3,998 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 516 shares in the last quarter. Finally, Brown Advisory Inc. purchased a new position in Insteel Industries during the fourth quarter valued at approximately $200,000. Hedge funds and other institutional investors own 78.59% of the company’s stock.

Insteel Industries Company Profile

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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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