Oppenheimer & Close LLC Invests $3.71 Million in Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Close LLC acquired a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 137,363 shares of the industrial products company’s stock, valued at approximately $3,710,000. Insteel Industries accounts for approximately 3.0% of Oppenheimer & Close LLC’s holdings, making the stock its 13th biggest holding. Oppenheimer & Close LLC owned about 0.71% of Insteel Industries at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Point72 Asset Management L.P. acquired a new stake in shares of Insteel Industries during the third quarter worth $34,000. Point72 DIFC Ltd bought a new position in shares of Insteel Industries in the third quarter valued at $37,000. Smartleaf Asset Management LLC lifted its stake in shares of Insteel Industries by 535.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock valued at $53,000 after buying an additional 1,660 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Insteel Industries by 3,568.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock valued at $69,000 after buying an additional 2,498 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of Insteel Industries in the fourth quarter valued at $83,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Trading Down 1.1 %

Insteel Industries stock opened at $27.20 on Friday. Insteel Industries, Inc. has a 1-year low of $23.60 and a 1-year high of $38.40. The firm has a market capitalization of $528.60 million, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13. The firm’s fifty day moving average price is $28.16 and its two-hundred day moving average price is $28.86.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The business had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same period last year, the business posted $0.06 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, research analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. Insteel Industries’s dividend payout ratio is currently 12.12%.

About Insteel Industries

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.