Insteel Industries, Inc. (NASDAQ:IIIN) Shares Bought by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd grew its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 87.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 19,706 shares of the industrial products company’s stock after acquiring an additional 9,182 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Insteel Industries were worth $613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of IIIN. Isthmus Partners LLC increased its stake in Insteel Industries by 6.8% during the second quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 6,665 shares during the period. nVerses Capital LLC purchased a new stake in Insteel Industries during the 2nd quarter worth approximately $121,000. The Manufacturers Life Insurance Company lifted 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 worth $236,000 after buying an additional 585 shares in the last quarter. Hantz Financial Services Inc. purchased a new position in Insteel Industries in the 2nd quarter valued at approximately $270,000. Finally, Versor Investments LP acquired a new position in shares of Insteel Industries in the third quarter worth $289,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

Insteel Industries Stock Performance

Shares of Insteel Industries stock opened at $30.31 on Friday. The business has a 50-day simple moving average of $29.46 and a 200-day simple moving average of $31.05. Insteel Industries, Inc. has a one year low of $26.74 and a one year high of $39.38. The company has a market cap of $589.53 million, a PE ratio of 30.62, a P/E/G ratio of 2.32 and a beta of 1.12.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The company had revenue of $134.30 million during the quarter, compared to analysts’ expectations of $140.40 million. On average, sell-side analysts predict that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.40%. The ex-dividend date is Friday, November 29th. Insteel Industries’s dividend payout ratio (DPR) is presently 12.12%.

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.