Insteel Industries (NASDAQ:IIIN) Hits New 52-Week Low – Here’s Why

Shares of Insteel Industries, Inc. (NASDAQ:IIIN) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $26.85 and last traded at $26.88, with a volume of 43089 shares trading hands. The stock had previously closed at $27.35.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Insteel Industries from a “hold” rating to a “buy” rating in a research note on Friday, October 18th.

Insteel Industries Stock Performance

The stock has a 50-day moving average of $31.19 and a 200 day moving average of $31.85. The firm has a market capitalization of $553.48 million, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.10.

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.03 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.42%. Insteel Industries’s dividend payout ratio (DPR) is presently 9.68%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ellsworth Advisors LLC increased its position in Insteel Industries by 7.2% in the 3rd quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock valued at $514,000 after acquiring an additional 1,109 shares in the last quarter. Cardinal Capital Management grew its stake in shares of Insteel Industries by 12.3% during the third quarter. Cardinal Capital Management now owns 34,318 shares of the industrial products company’s stock valued at $1,067,000 after purchasing an additional 3,747 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Insteel Industries by 8.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock valued at $236,000 after purchasing an additional 585 shares in the last quarter. Public Sector Pension Investment Board raised its position in Insteel Industries by 6.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 42,861 shares of the industrial products company’s stock worth $1,327,000 after purchasing an additional 2,489 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings in Insteel Industries by 26.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock worth $10,954,000 after buying an additional 74,791 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

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.