Everence Capital Management Inc. Has $320,000 Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Everence Capital Management Inc. increased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIINGet Rating) by 54.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 8,650 shares of the industrial products company’s stock after buying an additional 3,040 shares during the quarter. Everence Capital Management Inc.’s holdings in Insteel Industries were worth $320,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Baystate Wealth Management LLC bought a new position in Insteel Industries during the fourth quarter valued at approximately $26,000. Lazard Asset Management LLC raised its position in Insteel Industries by 14.8% during the fourth quarter. Lazard Asset Management LLC now owns 3,998 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 516 shares in the last quarter. Brown Advisory Inc. bought a new position in Insteel Industries during the fourth quarter valued at approximately $200,000. Nisa Investment Advisors LLC bought a new position in Insteel Industries during the fourth quarter valued at approximately $194,000. Finally, Diversified Trust Co bought a new position in Insteel Industries during the fourth quarter valued at approximately $256,000. Institutional investors and hedge funds own 78.59% of the company’s stock.

In related news, VP Scot R. Jafroodi sold 1,088 shares of the business’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $45.50, for a total transaction of $49,504.00. Following the transaction, the vice president now owns 41,296 shares of the company’s stock, valued at $1,878,968. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Richard Wagner sold 10,576 shares of the business’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $42.58, for a total transaction of $450,326.08. Following the transaction, the chief operating officer now directly owns 36,620 shares in the company, valued at approximately $1,559,279.60. The disclosure for this sale can be found here. Insiders have sold 14,571 shares of company stock worth $631,937 in the last ninety days. 5.20% of the stock is currently owned by insiders.

NASDAQ:IIIN opened at $34.58 on Thursday. Insteel Industries, Inc. has a 12 month low of $31.05 and a 12 month high of $47.70. The firm has a market cap of $672.20 million, a price-to-earnings ratio of 6.42 and a beta of 1.25. The company’s 50 day moving average is $40.94 and its 200-day moving average is $39.42.

Insteel Industries (NASDAQ:IIINGet Rating) last released its quarterly earnings results on Thursday, April 21st. The industrial products company reported $1.99 EPS for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%. The company had revenue of $213.21 million for the quarter.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 10th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Thursday, June 9th. Insteel Industries’s dividend payout ratio (DPR) is currently 2.23%.

Separately, StockNews.com started coverage on shares of Insteel Industries in a research report on Thursday, March 31st. They issued a “strong-buy” rating on the stock.

Insteel Industries Company Profile (Get Rating)

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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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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