Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Insteel Industries, Inc. $IIIN

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) in the second quarter, Holdings Channel.com reports. The firm purchased 20,649 shares of the industrial products company’s stock, valued at approximately $768,000.

Several other large investors have also made changes to their positions in the company. CWM LLC increased its holdings in Insteel Industries by 150.9% in the first quarter. CWM LLC now owns 4,744 shares of the industrial products company’s stock worth $125,000 after buying an additional 2,853 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Insteel Industries by 3.4% in the first quarter. Victory Capital Management Inc. now owns 91,367 shares of the industrial products company’s stock valued at $2,403,000 after acquiring an additional 3,000 shares during the last quarter. Unison Advisors LLC grew its position in Insteel Industries by 3.8% in the first quarter. Unison Advisors LLC now owns 18,144 shares of the industrial products company’s stock worth $477,000 after acquiring an additional 666 shares in the last quarter. Bastion Asset Management Inc. acquired a new position in shares of Insteel Industries during the 1st quarter worth $1,489,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Insteel Industries during the 1st quarter worth $200,000. Institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Up 0.8%

IIIN stock opened at $30.63 on Wednesday. The firm has a market cap of $594.65 million, a PE ratio of 30.94, a PEG ratio of 1.81 and a beta of 0.83. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $41.64. The company has a fifty day simple moving average of $34.89 and a 200 day simple moving average of $36.12.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, October 16th. The industrial products company reported $0.74 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%.During the same quarter last year, the company earned $0.24 EPS. The firm’s quarterly revenue was up 32.0% compared to the same quarter last year. As a group, analysts forecast that Insteel Industries, Inc. will post 1.38 EPS 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. Shareholders of record on Friday, November 28th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $4.00 dividend on an annualized basis and a yield of 13.1%. Insteel Industries’s dividend payout ratio is presently 5.71%.

Insider Transactions at Insteel Industries

In other Insteel Industries news, SVP James R. York sold 3,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $38.50, for a total transaction of $115,500.00. Following the transaction, the senior vice president owned 9,443 shares in the company, valued at $363,555.50. This trade represents a 24.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.00% of the stock is owned by insiders.

Insteel Industries Company 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.