According to the latest Form 13F filed with the Securities and Exchange Commission (SEC), Victory Capital Management Ltd. increased its share position in Insteel Industries Inc. (NASDAQ:IIIN – rated) at 20.7 during the fourth quarter. % reduced. The company held 112,683 shares in industrial products companies after selling 29,486 shares during the quarter. Victory Capital Management Inc. owned 0.58% of Insteel Industries stock, valued at $3,122,000, as of the latest SEC filing.
Many other large investors have also changed positions in IIIN. HighTower Advisors LLC acquired new shares of Insteel Industries stock valued at approximately $280,000 during the first quarter. Citigroup increased its stake in Insteel Industries by 16.4% in the first quarter. Citigroup acquired an additional 2,432 shares during the period and now owns 17,217 shares of the industrial products company, valued at $637,000. MetLife Investment Management LLC increased his Insteel Industries shareholding by 51.0% during the first quarter. MetLife Investment Management LLC acquired an additional 3,609 shares during the period and now owns 10,688 shares of the industrial products company, valued at $395,000. Rhumbline Advisers raised his Insteel Industries stock holding by 1.5% during the first quarter. Rhumbline Advisers now owns 53,384 shares of the industrial products company, valued at $1,975,000, after acquiring an additional 779 shares during the period. Finally, Pennsylvania Public School Empls Retrmt SYS increased his Insteel Industries stock holdings by 14.1% during the first quarter. Pennsylvania Public Schools Empls Retrmt SYS acquired an additional 2,068 shares during the period and now owns 16,737 shares of the industrial products company, valued at $619,000. Institutional investors and hedge funds hold 77.23% of the company’s shares.
Analyst Rating Change
Separately, StockNews.com began covering Insteel Industries stock in its Thursday, May 18 report. They set a “Hold” rating on the stock.
Changes in stock prices in the steel industry
Shares of Insteel Industries opened Monday at $31.42. The company has a market capitalization of $610.84 million, a P/E of 7.80 and a beta of 1.10. Its 50-day moving average price is $28.39 and its 200-day moving average price is $28.64. Insteel Industries hit a 12-month low of $24.00 and a 12-month high of $43.99.
Steel industry dividend announcement
The company also recently announced a quarterly dividend to be paid on Friday, June 30. Shareholders of record on Friday, June 16 will be paid his $0.03 dividend. The ex-dividend date is Thursday, June 15. This equates to an annualized dividend of $0.12 and a yield of 0.38%. Insteel Industries’ current dividend payout ratio is 2.98%.
Overview of the steel industry
Insteel Industries, Inc manufactures and sells steel wire reinforcement products for concrete construction applications. We provide PC strands, welding wire reinforcement. and engineering services. The company was founded by Howard Osler Waltz, Jr. in 1953 and is headquartered in Mount He’s Airlie, North Carolina.
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