Insteel Industries (NASDAQ:IIIN) Hits New 12-Month Low at $29.40

Insteel Industries, Inc. (NASDAQ:IIINGet Rating)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $29.40 and last traded at $29.78, with a volume of 1668 shares trading hands. The stock had previously closed at $30.84.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Insteel Industries from a “hold” rating to a “buy” rating in a research report on Saturday, July 30th.

Insteel Industries Stock Down 3.1 %

The firm has a market capitalization of $567.62 million, a P/E ratio of 4.54 and a beta of 1.21. The firm’s 50-day simple moving average is $36.45 and its 200-day simple moving average is $38.25.

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were issued a $0.03 dividend. The ex-dividend date of this dividend was Thursday, June 9th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.41%. Insteel Industries’s payout ratio is 1.87%.

Insider Transactions at Insteel Industries

In other news, VP Scot R. Jafroodi sold 1,088 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $45.50, for a total value of $49,504.00. Following the completion of the sale, the vice president now directly owns 41,296 shares in the company, valued at approximately $1,878,968. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, COO Richard Wagner sold 10,576 shares of Insteel Industries stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $42.58, for a total value of $450,326.08. Following the transaction, the chief operating officer now directly owns 36,620 shares of the company’s stock, valued at $1,559,279.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Scot R. Jafroodi sold 1,088 shares of Insteel Industries stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $45.50, for a total transaction of $49,504.00. Following the completion of the transaction, the vice president now directly owns 41,296 shares in the company, valued at $1,878,968. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,164 shares of company stock worth $521,600. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Baystate Wealth Management LLC increased its stake in shares of Insteel Industries by 60.2% in the first quarter. Baystate Wealth Management LLC now owns 1,059 shares of the industrial products company’s stock worth $39,000 after buying an additional 398 shares during the period. KBC Group NV purchased a new position in Insteel Industries during the 2nd quarter valued at $55,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Insteel Industries by 143.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 1,501 shares during the period. Lazard Asset Management LLC increased its position in Insteel Industries by 14.8% during the 4th quarter. Lazard Asset Management LLC now owns 3,998 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 516 shares during the period. Finally, Brown Advisory Inc. purchased a new position in Insteel Industries during the 4th quarter valued at $200,000. 78.59% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Company Profile

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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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