Insteel Industries Inc (NASDAQ:IIIN) hit a new 52-week low on Thursday . The company traded as low as $25.23 and last traded at $25.78, with a volume of 5058 shares traded. The stock had previously closed at $25.86.
Separately, BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research report on Thursday, September 20th.
The stock has a market capitalization of $495.75 million, a price-to-earnings ratio of 15.44 and a beta of 2.39.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 14th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.47%.
A number of hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its position in Insteel Industries by 2.5% during the 2nd quarter. Rhumbline Advisers now owns 57,190 shares of the industrial products company’s stock worth $1,910,000 after acquiring an additional 1,403 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in Insteel Industries by 21.2% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,240 shares of the industrial products company’s stock worth $276,000 after buying an additional 1,440 shares during the period. Global X Management Co LLC lifted its holdings in Insteel Industries by 17.2% during the 2nd quarter. Global X Management Co LLC now owns 10,611 shares of the industrial products company’s stock worth $354,000 after buying an additional 1,558 shares during the period. Legal & General Group Plc lifted its holdings in Insteel Industries by 6.5% during the 2nd quarter. Legal & General Group Plc now owns 35,965 shares of the industrial products company’s stock worth $1,203,000 after buying an additional 2,193 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Insteel Industries by 22.4% during the 3rd quarter. Alliancebernstein L.P. now owns 12,000 shares of the industrial products company’s stock worth $431,000 after buying an additional 2,200 shares during the period. Institutional investors and hedge funds own 79.10% of the company’s stock.
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Insteel Industries Company Profile (NASDAQ:IIIN)
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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.
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