JPMorgan Chase & Co. Acquires 5,121 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

JPMorgan Chase & Co. increased its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 57.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,061 shares of the industrial products company’s stock after acquiring an additional 5,121 shares during the quarter. JPMorgan Chase & Co.’s holdings in Insteel Industries were worth $437,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Cerity Partners LLC increased its holdings in shares of Insteel Industries by 132.7% during the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after purchasing an additional 232,514 shares during the period. Jane Street Group LLC grew its position in Insteel Industries by 228.1% during the third quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock worth $2,017,000 after buying an additional 45,115 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Insteel Industries by 43.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 145,264 shares of the industrial products company’s stock worth $4,516,000 after acquiring an additional 43,846 shares during the period. State Street Corp raised its holdings in Insteel Industries by 4.9% in the 3rd quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock valued at $23,675,000 after acquiring an additional 35,859 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Insteel Industries by 363.7% during the 3rd quarter. Barclays PLC now owns 32,391 shares of the industrial products company’s stock valued at $1,007,000 after acquiring an additional 25,405 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Trading Down 1.4 %

Shares of NASDAQ:IIIN opened at $28.51 on Wednesday. The firm has a 50 day moving average of $28.14 and a 200-day moving average of $29.97. Insteel Industries, Inc. has a 12 month low of $23.60 and a 12 month high of $38.40. The stock has a market capitalization of $553.88 million, a PE ratio of 28.79, a PEG ratio of 1.76 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). The firm had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.06 earnings per share. On average, research analysts predict that Insteel Industries, Inc. will post 1.33 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.42%. Insteel Industries’s dividend payout ratio is currently 12.12%.

Wall Street Analyst Weigh In

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

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.