Insteel Industries, Inc. (NASDAQ:IIIN) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 14.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,400 shares of the industrial products company’s stock after selling 1,614 shares during the period. Exchange Traded Concepts LLC’s holdings in Insteel Industries were worth $292,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings in 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 valued at $236,000 after purchasing an additional 585 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Insteel Industries by 6.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 42,861 shares of the industrial products company’s stock worth $1,327,000 after purchasing an additional 2,489 shares during the period. First Eagle Investment Management LLC increased its position in Insteel Industries by 26.8% in the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after acquiring an additional 74,791 shares during the period. Oppenheimer & Co. Inc. increased its position in Insteel Industries by 2.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock valued at $8,526,000 after acquiring an additional 5,313 shares during the period. Finally, Cornercap Investment Counsel Inc. acquired a new stake in Insteel Industries in the 2nd quarter valued at approximately $539,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Insteel Industries from a “hold” rating to a “buy” rating in a research report on Friday.

Insteel Industries Trading Down 2.5 %

IIIN stock opened at $27.35 on Monday. The firm has a 50-day moving average of $31.36 and a two-hundred day moving average of $32.02. The firm has a market capitalization of $532.64 million, a PE ratio of 22.06, a P/E/G ratio of 1.21 and a beta of 1.10. Insteel Industries, Inc. has a one year low of $26.86 and a one year high of $39.38.

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

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Friday, September 13th. Insteel Industries’s payout ratio 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.