Exchange Traded Concepts LLC Invests $376,000 in Insteel Industries, Inc. (NASDAQ:IIIN)

Posted by Defense World Staff on Oct 8th, 2023

Exchange Traded Concepts LLC purchased a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,068 shares of the industrial products company’s stock, valued at approximately $376,000. Exchange Traded Concepts LLC owned approximately 0.06% of Insteel Industries at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Denali Advisors LLC bought a new stake in Insteel Industries during the second quarter valued at about $193,000. Louisiana State Employees Retirement System boosted its position in Insteel Industries by 12.1% during the second quarter. Louisiana State Employees Retirement System now owns 10,200 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 1,100 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in Insteel Industries during the second quarter valued at about $894,000. Pacer Advisors Inc. bought a new stake in Insteel Industries during the second quarter valued at about $4,002,000. Finally, Cardinal Capital Management boosted its position in Insteel Industries by 1.8% during the second quarter. Cardinal Capital Management now owns 22,918 shares of the industrial products company’s stock valued at $713,000 after purchasing an additional 401 shares in the last quarter. Institutional investors own 80.99% of the company’s stock.

Insider Buying and Selling at Insteel Industries

In other Insteel Industries news, COO Richard Wagner sold 2,533 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $30.70, for a total value of $77,763.10. Following the completion of the sale, the chief operating officer now directly owns 41,065 shares in the company, valued at $1,260,695.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 5.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on Insteel Industries in a research report on Thursday. They set a “hold” rating on the stock.

View Our Latest Research Report on Insteel Industries

Insteel Industries Stock Performance

Insteel Industries stock opened at $32.81 on Friday. The stock has a 50-day moving average of $32.47 and a two-hundred day moving average of $30.74. Insteel Industries, Inc. has a one year low of $24.00 and a one year high of $35.80. The stock has a market cap of $637.60 million, a PE ratio of 12.57 and a beta of 1.06.

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

Insteel Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend was Thursday, September 14th. Insteel Industries’s dividend payout ratio (DPR) is presently 4.60%.

Insteel Industries Company Profile

(Free Report)

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.