Royce & Associates LP lessened its holdings in Insteel Industries Inc (NASDAQ:IIIN) by 13.4% during the fourth quarter, Holdings Channel reports. The fund owned 1,559,664 shares of the industrial products company’s stock after selling 242,266 shares during the period. Royce & Associates LP owned approximately 0.08% of Insteel Industries worth $33,517,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of IIIN. State Street Corp grew its holdings in Insteel Industries by 3.6% in the 4th quarter. State Street Corp now owns 656,432 shares of the industrial products company’s stock valued at $14,124,000 after buying an additional 22,926 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Insteel Industries in the 3rd quarter valued at $3,636,000. Morgan Stanley grew its holdings in Insteel Industries by 536.5% in the 2nd quarter. Morgan Stanley now owns 121,064 shares of the industrial products company’s stock valued at $2,520,000 after buying an additional 102,043 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Insteel Industries in the 4th quarter valued at $2,583,000. Finally, Bridge City Capital LLC grew its holdings in Insteel Industries by 27.7% in the 3rd quarter. Bridge City Capital LLC now owns 81,226 shares of the industrial products company’s stock valued at $1,668,000 after buying an additional 17,621 shares in the last quarter. Institutional investors and hedge funds own 81.56% of the company’s stock.
IIIN has been the topic of a number of research reports. BidaskClub lowered Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. Sidoti lowered Insteel Industries from a “buy” rating to a “neutral” rating and set a $28.00 target price on the stock. in a report on Wednesday, January 22nd.
In other news, VP James F. Petelle sold 1,928 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $25.87, for a total transaction of $49,877.36. Following the sale, the vice president now directly owns 14,898 shares of the company’s stock, valued at approximately $385,411.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.10% of the company’s stock.
Shares of IIIN traded up $0.40 during trading hours on Friday, hitting $22.25. 3,838 shares of the company were exchanged, compared to its average volume of 119,647. The company has a market cap of $417.96 million, a price-to-earnings ratio of 220.42 and a beta of 1.66. Insteel Industries Inc has a fifty-two week low of $17.49 and a fifty-two week high of $26.61. The firm’s fifty day moving average is $22.65 and its 200 day moving average is $20.98.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 16th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.17. The company had revenue of $97.57 million for the quarter. Insteel Industries had a return on equity of 0.82% and a net margin of 0.45%.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Thursday, March 12th.
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 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: Initial Coin Offerings entail a high degree of risk
Want to see what other hedge funds are holding IIIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Insteel Industries Inc (NASDAQ:IIIN).
Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.