Oppenheimer & Co. Inc. Sells 4,827 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Co. Inc. reduced its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 1.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 266,849 shares of the industrial products company’s stock after selling 4,827 shares during the period. Oppenheimer & Co. Inc. owned about 1.37% of Insteel Industries worth $7,208,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of IIIN. State Street Corp grew its holdings in Insteel Industries by 4.9% during the third quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock worth $23,675,000 after buying an additional 35,859 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Insteel Industries by 3.5% in the third quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after purchasing an additional 22,543 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Insteel Industries by 0.8% during the third quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock worth $13,523,000 after purchasing an additional 3,612 shares during the last quarter. Cerity Partners LLC grew its position in Insteel Industries by 132.7% in the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after purchasing an additional 232,514 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Insteel Industries by 36.5% in the 4th quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company’s stock valued at $6,794,000 after buying an additional 67,244 shares during the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Stock Down 2.0 %

Insteel Industries stock opened at $27.92 on Friday. Insteel Industries, Inc. has a 52 week low of $23.60 and a 52 week high of $38.40. The company’s 50 day moving average price is $27.97 and its two-hundred day moving average price is $29.53. The stock has a market cap of $542.59 million, a P/E ratio of 28.21, a P/E/G ratio of 1.81 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The business had revenue of $129.70 million for the quarter, compared to the consensus estimate of $117.45 million. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 earnings per share. On average, equities analysts anticipate that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.43%. Insteel Industries’s payout ratio is currently 12.12%.

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.