Raymond James Financial Services Advisors Inc. Acquires New Shares in Insteel Industries, Inc. (NASDAQ:IIIN)

Raymond James Financial Services Advisors Inc. acquired a new stake in Insteel Industries, Inc. (NASDAQ:IIIN) during the fourth quarter, Holdings Channel reports. The fund acquired 5,822 shares of the industrial products company’s stock, valued at approximately $223,000.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in Insteel Industries by 80.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company’s stock valued at $73,000 after acquiring an additional 1,006 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Insteel Industries by 60.9% during the third quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 1,400 shares in the last quarter. SG Americas Securities LLC acquired a new position in Insteel Industries during the third quarter worth $162,000. Advisor Partners II LLC acquired a new position in Insteel Industries during the third quarter worth $223,000. Finally, Linden Thomas Advisory Services LLC lifted its stake in Insteel Industries by 14.7% during the third quarter. Linden Thomas Advisory Services LLC now owns 7,852 shares of the industrial products company’s stock worth $255,000 after purchasing an additional 1,007 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $36.14, for a total transaction of $61,980.10. Following the transaction, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.60% of the stock is owned by insiders.

Insteel Industries Stock Down 2.1 %

NASDAQ:IIIN opened at $34.12 on Thursday. The stock’s fifty day moving average is $35.60 and its two-hundred day moving average is $34.56. Insteel Industries, Inc. has a 52 week low of $26.86 and a 52 week high of $39.38. The stock has a market capitalization of $663.57 million, a price-to-earnings ratio of 29.67, a price-to-earnings-growth ratio of 2.16 and a beta of 1.14.

Insteel Industries Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid 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 was Thursday, March 14th. Insteel Industries’s dividend payout ratio (DPR) is 10.43%.

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.