Insteel Industries, Inc. (NASDAQ:IIIN) Shares Bought by Cardinal Capital Management

Cardinal Capital Management lifted its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 6.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 36,610 shares of the industrial products company’s stock after acquiring an additional 2,292 shares during the period. Cardinal Capital Management owned 0.19% of Insteel Industries worth $989,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Versor Investments LP bought a new position in Insteel Industries in the 3rd quarter worth about $289,000. Victory Capital Management Inc. grew its holdings in Insteel Industries by 4.8% in the 3rd quarter. Victory Capital Management Inc. now owns 84,767 shares of the industrial products company’s stock worth $2,635,000 after buying an additional 3,886 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Insteel Industries in the 3rd quarter valued at approximately $690,000. Pacer Advisors Inc. raised its stake in Insteel Industries by 3.5% during the 3rd quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after acquiring an additional 22,543 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in Insteel Industries by 132.7% during the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock valued at $12,678,000 after acquiring an additional 232,514 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Trading Up 1.1 %

Shares of NASDAQ:IIIN opened at $31.20 on Tuesday. The company has a 50 day moving average of $27.98 and a 200-day moving average of $29.61. The firm has a market cap of $606.27 million, a P/E ratio of 31.52, a P/E/G ratio of 1.77 and a beta of 1.14. Insteel Industries, Inc. has a twelve month low of $23.60 and a twelve month high of $38.40.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm had revenue of $129.70 million for the quarter, compared to the consensus estimate of $117.45 million. During the same period in the previous year, the business posted $0.06 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts forecast that Insteel Industries, Inc. will post 1.33 EPS for the current year.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Friday, March 14th. Insteel Industries’s payout ratio is currently 12.12%.

Analysts Set New Price Targets

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

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.