Pacer Advisors Inc. decreased its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 33.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 640,232 shares of the industrial products company’s stock after selling 316,088 shares during the quarter. Pacer Advisors Inc. owned about 3.29% of Insteel Industries worth $19,822,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in IIIN. Isthmus Partners LLC boosted its position in shares of Insteel Industries by 6.8% in the second quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 6,665 shares during the period. Scarborough Advisors LLC bought a new stake in Insteel Industries in the 4th quarter valued at $44,000. nVerses Capital LLC acquired a new stake in Insteel Industries in the 2nd quarter worth $121,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Insteel Industries by 409.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 2,685 shares during the period. Finally, Hantz Financial Services Inc. acquired a new position in shares of Insteel Industries during the second quarter valued at about $270,000. Institutional investors own 83.27% of the company’s stock.
Insteel Industries Stock Down 6.4 %
IIIN stock opened at $30.93 on Monday. Insteel Industries, Inc. has a twelve month low of $26.86 and a twelve month high of $39.38. The company has a market cap of $602.36 million, a PE ratio of 24.94, a price-to-earnings-growth ratio of 2.56 and a beta of 1.11. The business’s 50-day simple moving average is $32.44 and its 200 day simple moving average is $32.91.
Insteel Industries Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Friday, September 13th. Insteel Industries’s dividend payout ratio (DPR) is presently 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.
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