7,755 Shares in Insteel Industries, Inc. (IIIN) Purchased by SG Americas Securities LLC
SG Americas Securities LLC purchased a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,755 shares of the industrial products company’s stock, valued at approximately $256,000.
A number of other institutional investors also recently modified their holdings of the business. Monarch Partners Asset Management LLC increased its stake in Insteel Industries by 13.0% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 126,260 shares of the industrial products company’s stock valued at $4,163,000 after purchasing an additional 14,495 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Insteel Industries by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock worth $2,525,000 after acquiring an additional 987 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Insteel Industries by 18.0% in the second quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock worth $1,264,000 after acquiring an additional 5,854 shares during the period. Wedge Capital Management L L P NC increased its stake in shares of Insteel Industries by 2.8% in the second quarter. Wedge Capital Management L L P NC now owns 36,800 shares of the industrial products company’s stock worth $1,213,000 after acquiring an additional 1,000 shares during the period. Finally, Great West Life Assurance Co. Can increased its stake in shares of Insteel Industries by 6.5% in the second quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock worth $868,000 after acquiring an additional 1,600 shares during the period. Institutional investors and hedge funds own 81.30% of the company’s stock.
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Shares of Insteel Industries, Inc. (NASDAQ IIIN) opened at 24.87 on Friday. The stock has a 50 day moving average of $25.33 and a 200-day moving average of $31.40. The firm has a market cap of $473.15 million, a price-to-earnings ratio of 16.69 and a beta of 2.13. Insteel Industries, Inc. has a 1-year low of $22.50 and a 1-year high of $42.81.
Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, July 20th. The industrial products company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.20). The business had revenue of $96.90 million during the quarter, compared to analyst estimates of $122.39 million. Insteel Industries had a net margin of 7.24% and a return on equity of 13.30%. The business’s revenue was down 16.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 earnings per share. Equities analysts anticipate that Insteel Industries, Inc. will post $1.38 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.12 annualized dividend and a yield of 0.48%. Insteel Industries’s dividend payout ratio is currently 8.05%.
A number of analysts have recently weighed in on IIIN shares. BidaskClub lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Longbow Research lowered shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th.
Insteel Industries Profile
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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