Insteel Industries, Inc. (NASDAQ:IIIN) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 58.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,700 shares of the industrial products company’s stock after selling 48,440 shares during the quarter. Renaissance Technologies LLC owned about 0.18% of Insteel Industries worth $937,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Insteel Industries by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company’s stock valued at $33,523,000 after purchasing an additional 41,908 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Insteel Industries by 1.1% in the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company’s stock valued at $14,518,000 after acquiring an additional 5,935 shares during the period. First Eagle Investment Management LLC raised its stake in shares of Insteel Industries by 17.8% in the 4th quarter. First Eagle Investment Management LLC now owns 469,752 shares of the industrial products company’s stock valued at $12,688,000 after acquiring an additional 70,878 shares during the period. Robotti Robert raised its stake in shares of Insteel Industries by 0.4% in the 4th quarter. Robotti Robert now owns 299,245 shares of the industrial products company’s stock valued at $8,083,000 after acquiring an additional 1,110 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Insteel Industries by 36.5% in the 4th quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company’s stock valued at $6,794,000 after acquiring an additional 67,244 shares during the period. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Stock Performance

Insteel Industries stock opened at $33.95 on Thursday. The company’s 50 day simple moving average is $27.88 and its 200-day simple moving average is $28.33. The company has a market capitalization of $659.04 million, a price-to-earnings ratio of 34.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.94. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $35.52.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Friday, March 14th. Insteel Industries’s dividend payout ratio (DPR) is 10.34%.

About Insteel Industries

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.