Victory Capital Management Inc. Cuts Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Victory Capital Management Inc. lessened its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 7.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,881 shares of the industrial products company’s stock after selling 6,733 shares during the period. Victory Capital Management Inc. owned approximately 0.42% of Insteel Industries worth $2,504,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IIIN. Dimensional Fund Advisors LP increased its holdings in Insteel Industries by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,239,317 shares of the industrial products company’s stock valued at $47,454,000 after purchasing an additional 7,809 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Insteel Industries by 1.2% during the 4th quarter. Franklin Resources Inc. now owns 644,746 shares of the industrial products company’s stock valued at $24,687,000 after buying an additional 7,505 shares during the period. First Eagle Investment Management LLC lifted its position in Insteel Industries by 12.1% during the 1st quarter. First Eagle Investment Management LLC now owns 279,015 shares of the industrial products company’s stock worth $10,664,000 after acquiring an additional 30,088 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Insteel Industries by 11.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 270,074 shares of the industrial products company’s stock worth $10,322,000 after acquiring an additional 27,553 shares during the period. Finally, Robotti Robert boosted its holdings in Insteel Industries by 6.2% in the 1st quarter. Robotti Robert now owns 262,780 shares of the industrial products company’s stock worth $10,043,000 after acquiring an additional 15,415 shares during the period. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Stock Up 2.5 %

IIIN opened at $32.85 on Wednesday. The firm’s 50 day moving average is $32.32 and its 200-day moving average is $32.99. Insteel Industries, Inc. has a 52-week low of $26.86 and a 52-week high of $39.38. The firm has a market capitalization of $639.75 million, a P/E ratio of 26.41, a P/E/G ratio of 2.56 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, July 18th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.09). The firm had revenue of $145.80 million for the quarter, compared to analysts’ expectations of $153.04 million. Insteel Industries had a return on equity of 5.78% and a net margin of 3.67%. The business’s quarterly revenue was down 12.0% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. Equities analysts expect that Insteel Industries, Inc. will post 0.99 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Friday, September 13th. Insteel Industries’s dividend payout ratio (DPR) is 9.68%.

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.