Insteel Industries, Inc. $IIIN Shares Purchased by Lazard Asset Management LLC

Lazard Asset Management LLC increased its position in Insteel Industries, Inc. (NYSE:IIIN) by 49.1% in the first quarter, HoldingsChannel.com reports. The fund owned 116,990 shares of the company’s stock after buying an additional 38,547 shares during the period. Lazard Asset Management LLC’s holdings in Insteel Industries were worth $3,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in Insteel Industries by 12.4% during the 1st quarter. AQR Capital Management LLC now owns 155,949 shares of the company’s stock valued at $4,101,000 after purchasing an additional 17,168 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Insteel Industries in the first quarter valued at about $225,000. Quantbot Technologies LP acquired a new position in shares of Insteel Industries in the second quarter valued at about $220,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Insteel Industries by 28.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 123,667 shares of the company’s stock worth $4,602,000 after purchasing an additional 27,702 shares during the last quarter. Finally, Jump Financial LLC raised its stake in shares of Insteel Industries by 94.3% in the second quarter. Jump Financial LLC now owns 17,369 shares of the company’s stock worth $646,000 after purchasing an additional 8,429 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Up 0.0%

Shares of NYSE:IIIN opened at $30.63 on Friday. Insteel Industries, Inc. has a 12-month low of $24.35 and a 12-month high of $39.91. The company has a market capitalization of $592.92 million, a PE ratio of 16.47, a PEG ratio of 1.60 and a beta of 0.52. The business has a 50 day moving average of $29.54 and a two-hundred day moving average of $31.36.

Insteel Industries (NYSE:IIIN) last released its quarterly earnings data on Thursday, July 16th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The business had revenue of $197.66 million for the quarter. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.During the same quarter in the prior year, the company posted $0.78 EPS. Equities research analysts predict that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. Insteel Industries’s dividend payout ratio is 6.45%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Zacks Research upgraded Insteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. Wall Street Zen raised shares of Insteel Industries from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Insteel Industries in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

About Insteel Industries

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.