Cornerstone Investment Partners Acquires $225,000 Stake in Insteel Industries
Cornerstone Investment Partners LLC has made a significant investment in Insteel Industries, Inc. (NASDAQ: IIIN), acquiring a new position valued at approximately $225,000. The investment, which took place during the second quarter of 2023, involved the purchase of 6,059 shares in the industrial products company, as reported by Holdings Channel.
Other institutional investors have also adjusted their stakes in Insteel Industries recently. Notably, Russell Investments Group Ltd. increased its ownership of the company by 85.3% in the first quarter, bringing its total to 72,268 shares valued at approximately $1.9 million after acquiring an additional 33,264 shares. Similarly, Principal Financial Group Inc. raised its stake by 2.4%, now holding 96,847 shares worth $2.5 million after the purchase of 2,244 additional shares.
Other noteworthy investments include CWM LLC, which boosted its stake by 150.9%, now owning 4,744 shares valued at $125,000. Additionally, Grace & White Inc. NY secured a new position valued at approximately $391,000 during the second quarter. Currently, institutional investors collectively hold 83.27% of Insteel Industries’ stock.
Insider Activity and Financial Performance
In company news, Senior Vice President James R. York sold 3,000 shares of Insteel Industries on August 22, 2023, at an average price of $38.50, totaling $115,500. Following this transaction, his remaining ownership stands at 9,443 shares, valued at approximately $363,555.50. This sale represents a 24.11% decrease in his ownership. The transaction details were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Insteel Industries recently reported its quarterly earnings on October 16, 2023. The company posted earnings of $0.74 per share, which fell short of analysts’ expectations of $0.79 by $0.05. The company’s net margin was recorded at 3.58%, with a return on equity of 5.91%. In comparison to the same period last year, where it reported earnings of $0.24 per share, Insteel Industries experienced a 32% increase in quarterly revenue.
Analysts predict that Insteel Industries, Inc. will achieve earnings of $1.38 per share for the current fiscal year.
Dividend Announcement
On September 26, 2023, Insteel Industries announced a quarterly dividend of $0.03 per share, which was paid to shareholders on record as of September 12, 2023. This results in an annualized dividend of $0.12 and a yield of 0.4%. The ex-dividend date was also set for September 12, 2023. The company’s dividend payout ratio currently stands at 5.71%.
Insteel Industries, Inc., along with its subsidiaries, specializes in manufacturing and marketing steel wire reinforcing products for concrete construction applications. Its product offerings include prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products, which are essential for enhancing the strength of various concrete structures, including bridges and buildings.
For further updates on institutional holdings and insider trades related to Insteel Industries, investors can visit HoldingsChannel.com.
