StockNews.com Initiates Coverage on Insteel Industries (NASDAQ:IIIN)

StockNews.com started coverage on shares of Insteel Industries (NASDAQ:IIIN – Get Rating) in a report published on Thursday morning. The brokerage issued a hold rating on the industrial products company’s stock.

Insteel Industries Stock Performance

Shares of NASDAQ IIIN traded down $0.43 during midday trading on Thursday, hitting $27.08. The company’s stock had a trading volume of 308,732 shares, compared to its average volume of 83,477. Insteel Industries has a 1-year low of $24.00 and a 1-year high of $47.70. The firm’s fifty day moving average price is $29.50 and its 200-day moving average price is $28.22. The firm has a market cap of $526.71 million, a P/E ratio of 4.89 and a beta of 1.12.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 17th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Thursday, March 16th. Insteel Industries’s payout ratio is 2.08%.

Insider Buying and Selling at Insteel Industries

In other Insteel Industries news, VP James F. Petelle sold 3,285 shares of the business’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $30.51, for a total transaction of $100,225.35. Following the completion of the transaction, the vice president now directly owns 15,292 shares of the company’s stock, valued at approximately $466,558.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IIIN. Point72 Hong Kong Ltd bought a new stake in shares of Insteel Industries during the 2nd quarter worth about $38,000. Baystate Wealth Management LLC raised its position in shares of Insteel Industries by 23.0% during the 4th quarter. Baystate Wealth Management LLC now owns 1,713 shares of the industrial products company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. UBS Group AG raised its position in shares of Insteel Industries by 182.5% during the 3rd quarter. UBS Group AG now owns 2,822 shares of the industrial products company’s stock worth $75,000 after buying an additional 1,823 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Insteel Industries by 502.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,056 shares of the industrial products company’s stock worth $81,000 after buying an additional 2,549 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of Insteel Industries by 16.7% during the 2nd quarter. Mutual of America Capital Management LLC now owns 3,265 shares of the industrial products company’s stock worth $110,000 after buying an additional 468 shares in the last quarter. 77.23% of the stock is owned by institutional investors and hedge funds.

About Insteel Industries

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Insteel Industries, Inc engages in manufacturing and marketing steel wire reinforcing products for concrete construction applications. Its offers PC strand, welded wire reinforcement. and engineering services. The company was founded by Howard Osler Woltz, Jr. in 1953 and is headquartered in Mount Airy, NC.