Insteel Industries (NASDAQ:IIIN) Hits New 12-Month High – Time to Buy?

Insteel Industries, Inc. (NASDAQ:IIIN) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $35.57 and last traded at $35.07, with a volume of 176745 shares trading hands. The stock had previously closed at $35.02.

Insteel Industries Stock Up 0.1 %

The stock has a market capitalization of $680.78 million, a P/E ratio of 35.42, a P/E/G ratio of 1.81 and a beta of 0.94. The stock’s 50 day moving average price is $28.23 and its 200-day moving average price is $28.45.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.03 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.34%. Insteel Industries’s dividend payout ratio is presently 10.34%.

Institutional Investors Weigh In On Insteel Industries

Institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in shares of Insteel Industries by 363.7% during the third quarter. Barclays PLC now owns 32,391 shares of the industrial products company’s stock valued at $1,007,000 after buying an additional 25,405 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Insteel Industries by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 94,603 shares of the industrial products company’s stock valued at $2,555,000 after acquiring an additional 2,746 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Insteel Industries in the fourth quarter worth $929,000. Smartleaf Asset Management LLC increased its position in shares of Insteel Industries by 535.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 1,660 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Insteel Industries by 3,568.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 2,498 shares during the last quarter. Institutional investors 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.