Victory Capital Management Inc. Grows Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Victory Capital Management Inc. lifted its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 23.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 128,402 shares of the industrial products company's stock after purchasing an additional 24,307 shares during the quarter. Victory Capital Management Inc. owned about 0.66% of Insteel Industries worth $3,572,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in Insteel Industries during the first quarter worth approximately $280,000. Citigroup Inc. boosted its position in shares of Insteel Industries by 16.4% in the first quarter. Citigroup Inc. now owns 17,217 shares of the industrial products company's stock worth $637,000 after buying an additional 2,432 shares during the period. MetLife Investment Management LLC grew its stake in shares of Insteel Industries by 51.0% in the first quarter. MetLife Investment Management LLC now owns 10,688 shares of the industrial products company's stock valued at $395,000 after buying an additional 3,609 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Insteel Industries by 1.5% in the first quarter. Rhumbline Advisers now owns 53,384 shares of the industrial products company's stock valued at $1,975,000 after buying an additional 779 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Insteel Industries by 14.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,737 shares of the industrial products company's stock valued at $619,000 after buying an additional 2,068 shares during the period. Institutional investors and hedge funds own 79.09% of the company's stock.

Separately, StockNews.com lowered shares of Insteel Industries from a "buy" rating to a "hold" rating in a research note on Tuesday.

Read Our Latest Research Report on IIIN

Shares of NASDAQ IIIN opened at $32.43 on Friday. Insteel Industries, Inc. has a 1 year low of $24.00 and a 1 year high of $33.61. The stock's 50-day simple moving average is $31.37 and its 200-day simple moving average is $29.71. The firm has a market cap of $630.11 million, a price-to-earnings ratio of 12.43 and a beta of 1.06.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last announced its earnings results on Thursday, July 20th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.13). Insteel Industries had a net margin of 7.30% and a return on equity of 13.00%. The business had revenue of $165.71 million during the quarter.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 16th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Thursday, June 15th. Insteel Industries's dividend payout ratio is currently 4.60%.

In other news, VP James F. Petelle sold 4,908 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $31.76, for a total transaction of $155,878.08. Following the transaction, the vice president now owns 16,535 shares of the company's stock, valued at $525,151.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.40% of the company's stock.

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.

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