Insteel Industries (NASDAQ:IIIN) Downgraded to Hold at StockNews.com

StockNews.com lowered shares of Insteel Industries (NASDAQ:IIIN) from a buy rating to a hold rating in a report released on Saturday morning.

Insteel Industries Trading Down 2.0 %

NASDAQ:IIIN opened at $27.82 on Friday. Insteel Industries has a 12-month low of $26.74 and a 12-month high of $39.38. The stock has a 50-day moving average price of $30.95 and a 200 day moving average price of $31.71. The stock has a market capitalization of $540.82 million, a P/E ratio of 27.34, a P/E/G ratio of 2.21 and a beta of 1.10.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Friday, September 13th. Insteel Industries’s dividend payout ratio is currently 12.12%.

Institutional Trading of Insteel Industries

Several institutional investors have recently made changes to their positions in the business. Ellsworth Advisors LLC grew its position in shares of Insteel Industries by 7.2% during the third quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock worth $514,000 after purchasing an additional 1,109 shares in the last quarter. Cardinal Capital Management grew its holdings in Insteel Industries by 12.3% during the 3rd quarter. Cardinal Capital Management now owns 34,318 shares of the industrial products company’s stock valued at $1,067,000 after buying an additional 3,747 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Insteel Industries by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock valued at $236,000 after buying an additional 585 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in Insteel Industries by 6.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 42,861 shares of the industrial products company’s stock valued at $1,327,000 after buying an additional 2,489 shares in the last quarter. Finally, First Eagle Investment Management LLC grew 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 valued at $10,954,000 after buying an additional 74,791 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Company 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.