Millennium Management LLC Has $1.94 Million Stock Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Millennium Management LLC grew its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 53.9% during the 4th quarter, Holdings Channel reports. The firm owned 71,938 shares of the industrial products company’s stock after buying an additional 25,204 shares during the period. Millennium Management LLC’s holdings in Insteel Industries were worth $1,943,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in IIIN. Smartleaf Asset Management LLC increased its position in shares of Insteel Industries by 535.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 1,660 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Insteel Industries during the 4th quarter worth approximately $83,000. KLP Kapitalforvaltning AS acquired a new position in shares of Insteel Industries during the 4th quarter worth approximately $97,000. Quantbot Technologies LP increased its position in shares of Insteel Industries by 106.5% during the 4th quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company’s stock worth $216,000 after purchasing an additional 4,130 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Insteel Industries during the 4th quarter worth approximately $257,000. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Stock Up 0.2%

NASDAQ:IIIN opened at $35.08 on Tuesday. The firm has a market capitalization of $681.05 million, a price-to-earnings ratio of 35.44, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $37.61. The stock’s 50 day moving average price is $31.68 and its two-hundred day moving average price is $29.49.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.34%. Insteel Industries’s dividend payout ratio is currently 10.34%.

About Insteel Industries

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.