Cardinal Capital Management Has $1.07 Million Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Cardinal Capital Management lifted its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 12.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 34,318 shares of the industrial products company’s stock after buying an additional 3,747 shares during the quarter. Cardinal Capital Management’s holdings in Insteel Industries were worth $1,067,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. American Century Companies Inc. lifted its position in Insteel Industries by 14.6% during the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock worth $14,480,000 after acquiring an additional 59,591 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in Insteel Industries by 26.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock worth $10,954,000 after purchasing an additional 74,791 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in Insteel Industries by 2.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock valued at $8,526,000 after buying an additional 5,313 shares in the last quarter. Robotti Robert grew its holdings in Insteel Industries by 6.2% in the 1st quarter. Robotti Robert now owns 262,780 shares of the industrial products company’s stock valued at $10,043,000 after buying an additional 15,415 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Insteel Industries by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 108,185 shares of the industrial products company’s stock worth $4,135,000 after buying an additional 1,276 shares during the period. Institutional investors own 83.27% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Insteel Industries from a “hold” rating to a “buy” rating in a research note on Friday.

Insteel Industries Trading Down 2.5 %

NASDAQ IIIN opened at $27.34 on Friday. The company has a market cap of $532.45 million, a price-to-earnings ratio of 22.05, a PEG ratio of 1.21 and a beta of 1.10. The company has a 50 day moving average of $31.36 and a 200-day moving average of $32.05. Insteel Industries, Inc. has a 1-year low of $26.86 and a 1-year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.09). The company had revenue of $145.80 million during the quarter, compared to analyst estimates of $153.04 million. Insteel Industries had a net margin of 3.67% and a return on equity of 5.78%. Insteel Industries’s revenue was down 12.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 earnings per share. On average, equities research analysts forecast that Insteel Industries, Inc. will post 0.99 earnings per share for the current year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Friday, September 13th. Insteel Industries’s dividend payout ratio (DPR) is presently 9.68%.

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.