Franklin Resources Inc. Buys 75,734 Shares of Insteel Industries, Inc. $IIIN
Franklin Resources Inc. increased its stake in Insteel Industries, Inc. by 632% in Q2, acquiring an additional 75,734 shares, now owning 87,717 shares valued at $3,264,000. This move is part of broader institutional interest, with 83.27% of Insteel's stock held by institutional investors. Insteel's recent earnings report showed a slight miss on EPS estimates, but revenue increased by 32% year-over-year. The company announced a quarterly dividend of $1.00 per share, yielding 13.1% annually.
Franklin Resources Inc. grew its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 632.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 87,717 shares of the industrial products company's stock after acquiring an additional 75,734 shares during the quarter. Franklin Resources Inc. owned about 0.45% of Insteel Industries worth $3,264,000 as of its most recent SEC filing.
Get Insteel Industries alerts:
A number of other hedge funds also recently modified their holdings of IIIN. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Insteel Industries in the first quarter valued at about $200,000. Vanguard Group Inc. increased its holdings in Insteel Industries by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company's stock valued at $34,414,000 after buying an additional 67,377 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Insteel Industries by 36.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company's stock valued at $6,672,000 after buying an additional 67,422 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Insteel Industries during the 1st quarter worth approximately $1,190,000. Finally, Public Sector Pension Investment Board increased its stake in Insteel Industries by 26.6% in the first quarter. Public Sector Pension Investment Board now owns 61,651 shares of the industrial products company's stock valued at $1,621,000 after acquiring an additional 12,956 shares during the last quarter. Institutional investors own 83.27% of the company's stock.
Insteel Industries Price Performance
Shares of IIIN opened at $30.53 on Wednesday. The firm has a 50 day simple moving average of $33.32 and a two-hundred day simple moving average of $35.76. Insteel Industries, Inc. has a one year low of $22.49 and a one year high of $41.64. The company has a market cap of $592.71 million, a P/E ratio of 30.84, a P/E/G ratio of 1.81 and a beta of 0.80.
Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued its quarterly earnings results on Thursday, October 16th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.05). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. During the same period in the prior year, the business posted $0.24 earnings per share. The company's revenue for the quarter was up 32.0% on a year-over-year basis. On average, analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.
Insteel Industries Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 13.1%. Insteel Industries's dividend payout ratio is 5.71%.
Insteel Industries Company Profile
(Free Report)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.
Further Reading
- Five stocks we like better than Insteel Industries
- Short Selling - The Pros and Cons
- Wall Street’s Sleeping Giant: Is Amazon About to Wake Up?
- Top Biotech Stocks: Exploring Innovation Opportunities
- Checkmate in the Cloud: ServiceNow's Shopping Spree
- Stock Market Holidays 2022-2025 - Here’s When the NYSE and NASDAQ Will be Closed
- The Contrarian Case for MSTR Amid MSCI Delisting Debacle
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Insteel Industries Right Now?
Before you consider Insteel Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Insteel Industries wasn't on the list.
While Insteel Industries currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
