Citadel Advisors LLC Buys 60,071 Shares of Insteel Industries Inc (IIIN)

Citadel Advisors LLC increased its stake in shares of Insteel Industries Inc (NASDAQ:IIIN) by 63.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 154,877 shares of the industrial products company’s stock after buying an additional 60,071 shares during the quarter. Citadel Advisors LLC owned about 0.81% of Insteel Industries worth $5,557,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Insteel Industries during the 2nd quarter worth $141,000. Piedmont Investment Advisors LLC bought a new position in shares of Insteel Industries in the second quarter worth $141,000. Virtu Financial LLC bought a new position in shares of Insteel Industries in the third quarter worth $239,000. Trexquant Investment LP bought a new position in shares of Insteel Industries in the third quarter worth $243,000. Finally, Bridgeway Capital Management Inc. bought a new position in shares of Insteel Industries in the third quarter worth $266,000. Hedge funds and other institutional investors own 79.10% of the company’s stock.

Separately, BidaskClub cut Insteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 18th.

NASDAQ:IIIN opened at $25.56 on Friday. Insteel Industries Inc has a 1 year low of $25.23 and a 1 year high of $43.78. The firm has a market capitalization of $495.75 million, a PE ratio of 15.44 and a beta of 2.39.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, October 18th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.07). Insteel Industries had a return on equity of 14.20% and a net margin of 8.00%. The business had revenue of $121.40 million during the quarter, compared to the consensus estimate of $130.38 million. During the same period in the previous year, the company posted $0.20 EPS. The company’s revenue for the quarter was up 25.3% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 14th will be paid a $0.03 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.47%.

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About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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: How to use beta for portfolio diversification

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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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