Wedge Capital Management L L P NC Purchases 1,743 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Wedge Capital Management L L P NC increased its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 15.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 13,253 shares of the industrial products company’s stock after buying an additional 1,743 shares during the period. Wedge Capital Management L L P NC’s holdings in Insteel Industries were worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Louisiana State Employees Retirement System bought a new stake in Insteel Industries in the fourth quarter valued at $371,000. Cardinal Capital Management grew its position in Insteel Industries by 1.7% in the fourth quarter. Cardinal Capital Management now owns 24,031 shares of the industrial products company’s stock valued at $920,000 after acquiring an additional 395 shares during the period. Cerity Partners LLC bought a new stake in Insteel Industries in the fourth quarter valued at $5,501,000. Nisa Investment Advisors LLC grew its position in Insteel Industries by 341.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 8,922 shares of the industrial products company’s stock valued at $342,000 after acquiring an additional 6,900 shares during the period. Finally, Arizona State Retirement System bought a new stake in Insteel Industries in the fourth quarter valued at $208,000. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Price Performance

Shares of NASDAQ:IIIN opened at $32.36 on Friday. The business’s fifty day moving average price is $35.49 and its two-hundred day moving average price is $34.54. Insteel Industries, Inc. has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The stock has a market capitalization of $629.40 million, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 2.19 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a return on equity of 6.16% and a net margin of 3.71%. The firm had revenue of $127.40 million for the quarter, compared to analysts’ expectations of $134.89 million. During the same period in the prior year, the business posted $0.26 earnings per share. The business’s revenue was down 19.9% compared to the same quarter last year. Research analysts expect that Insteel Industries, Inc. will post 1.3 EPS for the current fiscal year.

Insteel Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend was Thursday, March 14th. Insteel Industries’s dividend payout ratio is currently 10.43%.

Insiders Place Their Bets

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $36.14, for a total value of $61,980.10. Following the transaction, the chief operating officer now owns 40,952 shares of the company’s stock, valued at $1,480,005.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.60% of the company’s stock.

Insteel Industries 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.