Renaissance Technologies LLC Buys 29,200 Shares of Insteel Industries, Inc. $IIIN

Renaissance Technologies LLC lifted its stake in shares of Insteel Industries, Inc. (NYSE:IIIN) by 37.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,940 shares of the company’s stock after purchasing an additional 29,200 shares during the period. Renaissance Technologies LLC’s holdings in Insteel Industries were worth $3,594,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Icon Advisers Inc. Co. purchased a new stake in Insteel Industries in the first quarter worth $3,126,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Insteel Industries in the first quarter valued at $1,369,000. GSA Capital Partners LLP lifted its position in shares of Insteel Industries by 75.9% during the 4th quarter. GSA Capital Partners LLP now owns 63,800 shares of the company’s stock valued at $2,021,000 after buying an additional 27,525 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Insteel Industries by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company’s stock valued at $36,559,000 after buying an additional 24,429 shares during the last quarter. Finally, Oppenheimer & Close LLC grew its stake in shares of Insteel Industries by 1.1% during the 4th quarter. Oppenheimer & Close LLC now owns 139,364 shares of the company’s stock worth $4,414,000 after acquiring an additional 1,503 shares during the period. Institutional investors own 83.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on IIIN shares. Wall Street Zen raised Insteel Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings raised shares of Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. Finally, Zacks Research upgraded shares of Insteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy”.

Insteel Industries Stock Down 0.0%

Shares of IIIN opened at $32.31 on Friday. The business’s 50-day moving average price is $30.03 and its 200-day moving average price is $31.32. Insteel Industries, Inc. has a twelve month low of $24.35 and a twelve month high of $39.91. The stock has a market cap of $625.60 million, a PE ratio of 17.37, a P/E/G ratio of 1.69 and a beta of 0.50.

Insteel Industries (NYSE:IIIN) last released its quarterly earnings data on Thursday, July 16th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The company had revenue of $197.66 million during the quarter. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. During the same quarter last year, the business posted $0.78 earnings per share. Analysts expect that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, June 12th. Insteel Industries’s dividend payout ratio (DPR) is presently 6.45%.

About Insteel Industries

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.