Franklin Resources Inc. Has $3.26 Million Stake in Insteel Industries, Inc. $IIIN

Franklin Resources Inc. increased its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 632.0% during the second quarter, HoldingsChannel reports. The fund owned 87,717 shares of the industrial products company’s stock after buying an additional 75,734 shares during the quarter. Franklin Resources Inc.’s holdings in Insteel Industries were worth $3,264,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of IIIN. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Insteel Industries during the second quarter valued at about $60,000. Police & Firemen s Retirement System of New Jersey raised its holdings in Insteel Industries by 24.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,715 shares of the industrial products company’s stock valued at $175,000 after buying an additional 922 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Insteel Industries during the 1st quarter worth approximately $200,000. Connors Investor Services Inc. acquired a new position in Insteel Industries in the 2nd quarter valued at approximately $207,000. Finally, Maryland State Retirement & Pension System bought a new position in shares of Insteel Industries during the second quarter valued at $217,000. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Shares of NASDAQ:IIIN opened at $30.53 on Wednesday. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week high of $41.64. The firm has a market cap of $592.71 million, a PE ratio of 30.84, a price-to-earnings-growth ratio of 1.81 and a beta of 0.80. The firm’s fifty day moving average is $33.32 and its 200-day moving average is $35.76.

Insteel Industries (NASDAQ:IIIN) last announced its 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 return on equity of 5.91% and a net margin of 3.58%.The company’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. Sell-side analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 13.1%. The ex-dividend date is Friday, November 28th. Insteel Industries’s dividend payout ratio (DPR) is 5.71%.

Insteel Industries 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.