Aviva PLC Invests $1.41 Million in Insteel Industries, Inc. (NASDAQ:IIIN)

Aviva PLC acquired a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) in the first quarter, Holdings Channel reports. The fund acquired 50,811 shares of the industrial products company’s stock, valued at approximately $1,414,000.

A number of other institutional investors have also recently added to or reduced their stakes in IIIN. Point72 Hong Kong Ltd acquired a new stake in shares of Insteel Industries in the second quarter valued at approximately $38,000. UBS Group AG increased its position in Insteel Industries by 182.5% in the 3rd quarter. UBS Group AG now owns 2,822 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 1,823 shares during the period. Tower Research Capital LLC TRC raised its stake in Insteel Industries by 502.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,056 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 2,549 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Insteel Industries by 1,546.4% during the 1st quarter. Tower Research Capital LLC TRC now owns 3,441 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 3,232 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Insteel Industries by 48.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,791 shares of the industrial products company’s stock worth $105,000 after purchasing an additional 1,242 shares in the last quarter. 80.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, COO Richard Wagner sold 2,533 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $30.70, for a total transaction of $77,763.10. Following the completion of the transaction, the chief operating officer now owns 41,065 shares in the company, valued at approximately $1,260,695.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 5.40% of the stock is owned by company insiders.

Insteel Industries Trading Down 1.0 %

Shares of NASDAQ:IIIN opened at $33.64 on Friday. The company has a 50 day moving average of $31.94 and a 200-day moving average of $30.16. The firm has a market cap of $653.73 million, a P/E ratio of 12.89 and a beta of 1.06. Insteel Industries, Inc. has a twelve month low of $24.00 and a twelve month high of $35.80.

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

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date is Thursday, September 14th. Insteel Industries’s payout ratio is currently 4.60%.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on shares of Insteel Industries in a research note on Thursday, August 17th. They set a “hold” rating on the stock.

Insteel Industries 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.