Point72 DIFC Ltd Acquires Shares of 1,177 Insteel Industries, Inc. (NASDAQ:IIIN)

Point72 DIFC Ltd bought a new position in Insteel Industries, Inc. (NASDAQ:IIIN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,177 shares of the industrial products company’s stock, valued at approximately $37,000.

Other institutional investors have also made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in Insteel Industries in the 3rd quarter worth approximately $34,000. Quantbot Technologies LP purchased a new stake in shares of Insteel Industries in the third quarter valued at $121,000. nVerses Capital LLC acquired a new stake in shares of Insteel Industries in the second quarter worth $121,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Insteel Industries by 100.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company’s stock valued at $175,000 after buying an additional 2,812 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in Insteel Industries by 8.0% during the third quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock valued at $183,000 after buying an additional 434 shares during the period. 83.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, October 26th.

Insteel Industries Stock Performance

Shares of IIIN opened at $30.52 on Tuesday. The company has a market capitalization of $593.61 million, a PE ratio of 30.83, a PEG ratio of 2.21 and a beta of 1.11. The company’s 50 day moving average price is $29.25 and its 200 day moving average price is $30.88. Insteel Industries, Inc. has a 52 week low of $26.74 and a 52 week high of $39.38.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, meeting the consensus estimate of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The business had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $140.40 million. On average, equities analysts forecast that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.39%. The ex-dividend date is Friday, November 29th. Insteel Industries’s payout ratio is currently 12.12%.

Insteel Industries Company 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.