Goldman Sachs Group Inc. Has $847,000 Stake in Insteel Industries, Inc. (IIIN)
Goldman Sachs Group Inc. decreased its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 5.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,694 shares of the industrial products company’s stock after selling 1,530 shares during the quarter. Goldman Sachs Group Inc. owned 0.14% of Insteel Industries worth $847,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Forward Management LLC grew its stake in shares of Insteel Industries by 27.7% during the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock valued at $197,000 after buying an additional 1,295 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in shares of Insteel Industries during the second quarter valued at approximately $254,000. SG Americas Securities LLC bought a new position in shares of Insteel Industries during the second quarter valued at approximately $256,000. BNP Paribas Arbitrage SA grew its stake in shares of Insteel Industries by 31.7% during the second quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock valued at $270,000 after buying an additional 1,971 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Insteel Industries during the second quarter valued at approximately $274,000. 80.94% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP James F. Petelle sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the sale, the vice president now owns 14,788 shares in the company, valued at $400,902.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.70% of the stock is currently owned by insiders.
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Insteel Industries, Inc. (IIIN) opened at $25.64 on Wednesday. The company has a market capitalization of $493.73, a P/E ratio of 21.98 and a beta of 2.10. Insteel Industries, Inc. has a 52 week low of $23.20 and a 52 week high of $42.81.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). The firm had revenue of $96.89 million during the quarter, compared to analysts’ expectations of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 EPS.
The company also recently declared a special dividend, which will be paid on Friday, January 5th. Investors of record on Wednesday, December 20th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a dividend yield of 0.44%. Insteel Industries’s payout ratio is 10.17%.
A number of research analysts have recently commented on the company. BidaskClub cut Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Longbow Research cut Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th. Finally, TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold”.
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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