Insteel Industries (NASDAQ:IIIN) Lowered to “Hold” at StockNews.com

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

Insteel Industries Stock Performance

Shares of IIIN stock opened at $27.52 on Friday. The firm has a market cap of $535.85 million, a P/E ratio of 22.19, a P/E/G ratio of 2.21 and a beta of 1.10. Insteel Industries has a fifty-two week low of $26.74 and a fifty-two week high of $39.38. The business’s 50 day moving average price is $30.76 and its 200-day moving average price is $31.59.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Friday, September 13th. Insteel Industries’s payout ratio is presently 9.68%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Insteel Industries by 409.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 2,685 shares during the period. nVerses Capital LLC purchased a new position in shares of Insteel Industries in the 2nd quarter valued at approximately $121,000. The Manufacturers Life Insurance Company lifted its stake in shares of Insteel Industries by 8.3% in 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 purchasing an additional 585 shares during the period. Hantz Financial Services Inc. purchased a new position in shares of Insteel Industries in the 2nd quarter valued at approximately $270,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Insteel Industries by 76.9% in the 1st quarter. BNP Paribas Financial Markets now owns 9,264 shares of the industrial products company’s stock valued at $354,000 after purchasing an additional 4,028 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

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.