Insteel Industries, Inc. (NASDAQ:IIIN) Stock Position Decreased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 8.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,812 shares of the industrial products company’s stock after selling 1,025 shares during the period. Illinois Municipal Retirement Fund owned 0.06% of Insteel Industries worth $414,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System purchased a new stake in shares of Insteel Industries during the 3rd quarter worth about $804,000. Pacer Advisors Inc. raised its stake in shares of Insteel Industries by 195.2% during the 4th quarter. Pacer Advisors Inc. now owns 728,935 shares of the industrial products company’s stock worth $27,911,000 after purchasing an additional 482,026 shares in the last quarter. Cerity Partners LLC purchased a new stake in shares of Insteel Industries during the 4th quarter worth about $5,501,000. Charles Schwab Investment Management Inc. raised its stake in shares of Insteel Industries by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,540 shares of the industrial products company’s stock worth $5,146,000 after purchasing an additional 6,885 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its stake in shares of Insteel Industries by 39.7% during the 3rd quarter. First Eagle Investment Management LLC now owns 175,387 shares of the industrial products company’s stock worth $5,693,000 after purchasing an additional 49,826 shares in the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Stock Performance

Shares of NASDAQ IIIN opened at $31.81 on Thursday. The firm has a market cap of $619.66 million, a price-to-earnings ratio of 25.65, a P/E/G ratio of 2.07 and a beta of 1.14. The business’s 50-day simple moving average is $35.33 and its 200-day simple moving average is $34.54. Insteel Industries, Inc. has a 52 week low of $26.86 and a 52 week high of $39.38.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. The business had revenue of $127.40 million for the quarter, compared to analyst estimates of $134.89 million. Insteel Industries had a return on equity of 6.78% and a net margin of 4.24%. The firm’s revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 EPS. As a group, equities research analysts forecast that Insteel Industries, Inc. will post 1.3 earnings per share for the current year.

Insteel Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date was Thursday, March 14th. Insteel Industries’s dividend payout ratio is 9.68%.

Insider Activity

In other news, COO Richard Wagner sold 1,715 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $36.14, for a total transaction of $61,980.10. Following the transaction, the chief operating officer now owns 40,952 shares of the company’s stock, valued at approximately $1,480,005.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.60% of the stock is currently owned by insiders.

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.