Pacer Advisors Inc. Sells 226,900 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Pacer Advisors Inc. decreased its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 34.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 435,875 shares of the industrial products company’s stock after selling 226,900 shares during the quarter. Pacer Advisors Inc. owned 2.24% of Insteel Industries worth $11,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in Insteel Industries by 8.0% in the third quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock valued at $183,000 after purchasing an additional 434 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Insteel Industries by 8.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after buying an additional 585 shares during the period. Exchange Traded Concepts LLC raised its holdings in Insteel Industries by 7.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 10,090 shares of the industrial products company’s stock valued at $273,000 after buying an additional 690 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Insteel Industries during the 3rd quarter valued at $34,000. Finally, Ellsworth Advisors LLC grew its holdings in Insteel Industries by 7.2% in the 3rd quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock worth $514,000 after acquiring an additional 1,109 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $28.51 on Wednesday. Insteel Industries, Inc. has a fifty-two week low of $23.60 and a fifty-two week high of $38.40. The firm has a market cap of $553.88 million, a P/E ratio of 28.79, a P/E/G ratio of 1.76 and a beta of 1.14. The business’s 50 day moving average price is $28.14 and its 200-day moving average price is $29.97.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The company had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same quarter last year, the firm earned $0.06 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, equities analysts predict that Insteel Industries, Inc. will post 1.33 EPS for the current year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date was Friday, November 29th. Insteel Industries’s payout ratio is currently 12.12%.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 26th.

About Insteel Industries

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.