New York State Common Retirement Fund Lowers Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

New York State Common Retirement Fund cut its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,292 shares of the industrial products company’s stock after selling 1,278 shares during the quarter. New York State Common Retirement Fund owned approximately 0.18% of Insteel Industries worth $953,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versor Investments LP acquired a new stake in shares of Insteel Industries in the third quarter worth approximately $289,000. Victory Capital Management Inc. lifted its position in Insteel Industries by 4.8% during 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 buying an additional 3,886 shares in the last quarter. Intech Investment Management LLC acquired a new position in Insteel Industries during the third quarter valued at approximately $690,000. Pacer Advisors Inc. lifted its position in Insteel Industries by 3.5% during 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 in the last quarter. Finally, Cerity Partners LLC lifted its position in Insteel Industries by 132.7% during the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock valued at $12,678,000 after buying an additional 232,514 shares in the last quarter. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Stock Down 4.1 %

Shares of IIIN stock opened at $27.00 on Tuesday. The stock has a market cap of $524.64 million, a price-to-earnings ratio of 27.27, a price-to-earnings-growth ratio of 1.81 and a beta of 1.14. Insteel Industries, Inc. has a fifty-two week low of $23.60 and a fifty-two week high of $38.40. The firm’s 50 day moving average price is $27.95 and its two-hundred day moving average price is $29.44.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The business had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.06 earnings per share. On average, equities analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.03 per share. The ex-dividend date is Friday, March 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

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.