Diamond Hill Capital Management LLC Investment Advisor Buys New Stake in Insteel Industries, Inc. $IIIN

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Insteel Industries, Inc. (NYSE:IIIN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 298,778 shares of the company’s stock, valued at approximately $9,023,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Insteel Industries by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 1,415,156 shares of the company’s stock valued at $44,818,000 after acquiring an additional 17,660 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Insteel Industries by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company’s stock valued at $36,559,000 after buying an additional 24,429 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Insteel Industries by 1.2% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 990,770 shares of the company’s stock valued at $37,986,000 after buying an additional 11,931 shares during the period. State Street Corp boosted its position in Insteel Industries by 0.5% during the fourth quarter. State Street Corp now owns 727,168 shares of the company’s stock worth $23,029,000 after acquiring an additional 3,919 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Insteel Industries by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 484,466 shares of the company’s stock worth $15,345,000 after acquiring an additional 2,830 shares during the last quarter. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Trading Up 0.6%

Shares of IIIN opened at $32.80 on Tuesday. Insteel Industries, Inc. has a twelve month low of $24.35 and a twelve month high of $39.91. The firm has a market capitalization of $635.01 million, a P/E ratio of 17.63, a price-to-earnings-growth ratio of 1.71 and a beta of 0.50. The stock’s fifty day simple moving average is $30.57 and its 200 day simple moving average is $31.28.

Insteel Industries (NYSE:IIIN) last posted its quarterly earnings results on Thursday, July 16th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.The firm had revenue of $197.66 million during the quarter. During the same period last year, the firm posted $0.78 EPS. Sell-side analysts predict that Insteel Industries, Inc. will post 1.59 earnings per share for the current year.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, September 11th. Insteel Industries’s payout ratio is presently 6.45%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Insteel Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Zacks Research raised Insteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. Finally, Weiss Ratings raised shares of Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy”.

Insteel Industries Company Profile

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.