Parametric Portfolio Associates LLC trimmed its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 60.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,847 shares of the industrial products company’s stock after selling 20,046 shares during the period. Parametric Portfolio Associates LLC owned about 0.07% of Insteel Industries worth $424,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Forward Management LLC raised its holdings in shares of Insteel Industries by 27.7% during the 2nd quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock valued at $197,000 after buying an additional 1,295 shares in the last quarter. UBS Asset Management Americas Inc. bought a new position in Insteel Industries during the 2nd quarter worth approximately $254,000. SG Americas Securities LLC bought a new position in Insteel Industries during the 2nd quarter worth approximately $256,000. BNP Paribas Arbitrage SA grew its position in Insteel Industries by 31.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock worth $270,000 after acquiring an additional 1,971 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in Insteel Industries during the 2nd quarter worth approximately $274,000. 78.92% of the stock is currently owned by institutional investors.
IIIN has been the topic of several recent research reports. TheStreet lowered Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday, October 19th. BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. Finally, Longbow Research lowered Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold”.
In related news, VP James F. Petelle sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now directly owns 14,788 shares in the company, valued at approximately $400,902.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.70% of the stock is owned by company insiders.
Insteel Industries, Inc. (NASDAQ:IIIN) opened at $25.88 on Monday. Insteel Industries, Inc. has a 1 year low of $23.20 and a 1 year high of $42.81. The stock has a market capitalization of $492.78, a P/E ratio of 21.93 and a beta of 2.10.
Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company had revenue of $96.89 million for the quarter, compared to the consensus estimate of $96.25 million. During the same quarter in the previous year, the business earned $0.51 earnings per share. Insteel Industries’s revenue was down 6.0% compared to the same quarter last year.
The business also recently declared a special dividend, which will be paid on Friday, January 5th. Investors of record on Wednesday, December 20th will be given a dividend of $1.00 per share. The ex-dividend date is Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s payout ratio is 10.17%.
About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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