Posted by admin on May 6th, 2022

Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) VP James F. Petelle sold 2,407 shares of Insteel Industries stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $45.84, for a total value of $110,336.88. Following the transaction, the vice president now owns 17,078 shares of the company’s stock, valued at approximately $782,855.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

NASDAQ IIIN opened at $45.23 on Friday. The stock has a 50-day simple moving average of $39.13 and a two-hundred day simple moving average of $39.82. The firm has a market capitalization of $879.27 million, a P/E ratio of 8.36 and a beta of 1.24. Insteel Industries, Inc. has a fifty-two week low of $30.12 and a fifty-two week high of $47.70.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 25th. Shareholders of record on Friday, March 11th were paid a dividend of $0.03 per share. The ex-dividend date was Thursday, March 10th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.27%. Insteel Industries’s payout ratio is currently 2.23%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baystate Wealth Management LLC purchased a new position in shares of Insteel Industries during the 4th quarter valued at about $26,000. Ensign Peak Advisors Inc purchased a new position in shares of Insteel Industries in the 3rd quarter valued at about $88,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Insteel Industries by 143.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 1,501 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Insteel Industries by 14.8% in the 4th quarter. Lazard Asset Management LLC now owns 3,998 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 516 shares in the last quarter. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Insteel Industries in the 4th quarter valued at about $194,000. Institutional investors and hedge funds own 78.59% of the company’s stock.

Separately, StockNews.com started coverage on Insteel Industries in a research note on Thursday, March 31st. They set a “strong-buy” rating for the company.

Insteel Industries Company Profile (Get Rating)

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.

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