Cardinal Capital Management Purchases 5,087 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Cardinal Capital Management lifted its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 21.2% during the 1st quarter, HoldingsChannel reports. The firm owned 29,118 shares of the industrial products company’s stock after buying an additional 5,087 shares during the period. Cardinal Capital Management’s holdings in Insteel Industries were worth $1,113,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Scarborough Advisors LLC bought a new position in Insteel Industries in the 4th quarter worth about $44,000. Public Employees Retirement System of Ohio increased its position in shares of Insteel Industries by 60.9% in the third quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 1,400 shares during the last quarter. Arizona State Retirement System purchased a new stake in Insteel Industries in the fourth quarter valued at approximately $208,000. Raymond James Financial Services Advisors Inc. purchased a new position in Insteel Industries in the 4th quarter worth approximately $223,000. Finally, Quadrature Capital Ltd increased its holdings in shares of Insteel Industries by 5.7% in the 3rd quarter. Quadrature Capital Ltd now owns 8,408 shares of the industrial products company’s stock worth $273,000 after buying an additional 455 shares during the last quarter. Institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Insteel Industries stock opened at $30.01 on Friday. Insteel Industries, Inc. has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The firm’s fifty day moving average price is $32.10 and its 200-day moving average price is $34.58. The stock has a market cap of $584.59 million, a P/E ratio of 24.52, a price-to-earnings-growth ratio of 1.63 and a beta of 1.15.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a return on equity of 6.78% and a net margin of 4.24%. The business had revenue of $127.40 million for the quarter, compared to the consensus estimate of $134.89 million. During the same quarter last year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was down 19.9% on a year-over-year basis. On average, analysts predict that Insteel Industries, Inc. will post 1.55 earnings per share for the current year.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.40%. The ex-dividend date is Friday, June 14th. Insteel Industries’s dividend payout ratio is currently 9.68%.

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.