Insteel Industries, Inc. (NASDAQ:IIIN) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 34.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,656 shares of the industrial products company’s stock after selling 11,308 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.11% of Insteel Industries worth $673,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IIIN. Pacer Advisors Inc. lifted its stake in 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 buying an additional 22,543 shares during the last quarter. American Century Companies Inc. lifted its position in Insteel Industries by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after purchasing an additional 59,591 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 during the last quarter. First Eagle Investment Management LLC grew 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 worth $10,954,000 after purchasing an additional 74,791 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Insteel Industries by 2.0% during the second quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock valued at $8,526,000 after buying an additional 5,313 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

Analysts Set New Price Targets

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

Insteel Industries Trading Down 1.4 %

Shares of Insteel Industries stock opened at $28.32 on Friday. Insteel Industries, Inc. has a 52 week low of $26.74 and a 52 week high of $39.38. The company’s 50-day moving average price is $29.19 and its two-hundred day moving average price is $30.75. The stock has a market cap of $550.88 million, a PE ratio of 28.61, a price-to-earnings-growth ratio of 2.21 and a beta of 1.11.

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

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.42%. Insteel Industries’s payout ratio is 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.