Charles Schwab Investment Management Inc. Has $5.80 Million Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Charles Schwab Investment Management Inc. reduced its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,500 shares of the industrial products company’s stock after selling 9,845 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.96% of Insteel Industries worth $5,798,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IIIN. Pacer Advisors Inc. increased its position in Insteel Industries by 3.5% in the 3rd quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after acquiring an additional 22,543 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Insteel Industries during the third quarter valued at approximately $690,000. Victory Capital Management Inc. increased its holdings in shares of Insteel Industries by 4.8% in the third quarter. Victory Capital Management Inc. now owns 84,767 shares of the industrial products company’s stock valued at $2,635,000 after purchasing an additional 3,886 shares in the last quarter. Versor Investments LP bought a new position in Insteel Industries in the 3rd quarter worth approximately $289,000. Finally, Ellsworth Advisors LLC lifted its holdings in Insteel Industries by 7.2% during the 3rd quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock worth $514,000 after buying an additional 1,109 shares in the last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.

Insteel Industries Trading Up 1.5 %

Shares of NASDAQ:IIIN opened at $29.88 on Friday. Insteel Industries, Inc. has a 1-year low of $26.74 and a 1-year high of $39.38. The stock has a market capitalization of $581.23 million, a P/E ratio of 30.18, a P/E/G ratio of 2.21 and a beta of 1.11. The business has a 50-day moving average price of $29.22 and a two-hundred day moving average price of $30.85.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The business had revenue of $134.30 million during the quarter, compared to the consensus estimate of $140.40 million. As a group, equities analysts predict that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, November 29th. Insteel Industries’s dividend payout ratio (DPR) is currently 12.12%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

Insteel Industries Profile

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.