Millennium Management LLC Has $1.94 Million Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Millennium Management LLC raised its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 53.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,938 shares of the industrial products company’s stock after buying an additional 25,204 shares during the quarter. Millennium Management LLC owned 0.37% of Insteel Industries worth $1,943,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in IIIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Insteel Industries by 5.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 684,467 shares of the industrial products company’s stock worth $18,487,000 after purchasing an additional 36,978 shares during the period. Invenomic Capital Management LP acquired a new stake in shares of Insteel Industries during the fourth quarter worth about $5,811,000. Deutsche Bank AG raised its position in shares of Insteel Industries by 59.0% during the fourth quarter. Deutsche Bank AG now owns 17,618 shares of the industrial products company’s stock worth $476,000 after purchasing an additional 6,540 shares during the period. D. E. Shaw & Co. Inc. raised its position in shares of Insteel Industries by 127.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 73,127 shares of the industrial products company’s stock worth $1,975,000 after purchasing an additional 40,993 shares during the period. Finally, Cresset Asset Management LLC acquired a new stake in shares of Insteel Industries during the fourth quarter worth about $1,065,000. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Price Performance

NASDAQ IIIN opened at $35.08 on Tuesday. The firm has a market cap of $681.05 million, a P/E ratio of 35.44, a P/E/G ratio of 1.81 and a beta of 0.72. The stock’s 50-day moving average is $31.68 and its 200-day moving average is $29.49. Insteel Industries, Inc. has a one year low of $22.49 and a one year high of $37.61.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Friday, June 13th. Insteel Industries’s dividend payout ratio is presently 10.34%.

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.