Wellington Management Group LLP Buys 2,200 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Wellington Management Group LLP raised its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 73,483 shares of the industrial products company’s stock after purchasing an additional 2,200 shares during the period. Wellington Management Group LLP owned 0.38% of Insteel Industries worth $2,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IIIN. Teachers Retirement System of The State of Kentucky increased its position in shares of Insteel Industries by 5.4% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 6,702 shares of the industrial products company’s stock worth $209,000 after acquiring an additional 342 shares in the last quarter. Legal & General Group Plc increased its position in shares of Insteel Industries by 0.8% during the second quarter. Legal & General Group Plc now owns 47,659 shares of the industrial products company’s stock worth $1,605,000 after acquiring an additional 362 shares in the last quarter. Quadrature Capital Ltd increased its position in shares of Insteel Industries by 5.7% during the third quarter. Quadrature Capital Ltd now owns 8,408 shares of the industrial products company’s stock worth $273,000 after acquiring an additional 455 shares in the last quarter. Cardinal Capital Management increased its position in shares of Insteel Industries by 3.1% during the third quarter. Cardinal Capital Management now owns 23,636 shares of the industrial products company’s stock worth $767,000 after acquiring an additional 718 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of Insteel Industries by 1.5% during the first quarter. Rhumbline Advisers now owns 53,384 shares of the industrial products company’s stock worth $1,975,000 after acquiring an additional 779 shares in the last quarter. 83.27% of the stock is owned by institutional investors.

Insteel Industries Stock Performance

Insteel Industries stock opened at $37.82 on Thursday. Insteel Industries, Inc. has a fifty-two week low of $25.44 and a fifty-two week high of $39.38. The stock has a market cap of $735.60 million, a PE ratio of 32.89, a price-to-earnings-growth ratio of 2.36 and a beta of 1.13. The firm’s 50-day simple moving average is $35.39 and its 200 day simple moving average is $34.17.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 18th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.06). Insteel Industries had a return on equity of 6.16% and a net margin of 3.71%. The firm had revenue of $121.80 million for the quarter, compared to analysts’ expectations of $130.07 million. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was down 27.0% compared to the same quarter last year. As a group, analysts predict that Insteel Industries, Inc. will post 1.3 EPS for the current fiscal year.

Insteel Industries Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend is Thursday, March 14th. Insteel Industries’s dividend payout ratio (DPR) is presently 10.43%.

Insider Buying and Selling

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total value of $61,980.10. Following the transaction, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.60% of the stock is owned by corporate insiders.

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.