New York State Teachers Retirement System decreased its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 26.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,800 shares of the industrial products company’s stock after selling 2,500 shares during the quarter. New York State Teachers Retirement System’s holdings in Insteel Industries were worth $178,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisory Services Network LLC grew its position in shares of Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 181 shares in the last quarter. Forward Management LLC grew its position in shares of Insteel Industries by 27.7% in the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock valued at $197,000 after purchasing an additional 1,295 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new stake in shares of Insteel Industries in the second quarter valued at approximately $254,000. SG Americas Securities LLC purchased a new stake in shares of Insteel Industries in the second quarter valued at approximately $256,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of Insteel Industries by 31.7% in the second quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock valued at $270,000 after purchasing an additional 1,971 shares in the last quarter. 80.50% of the stock is owned by institutional investors.

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In other news, VP James F. Petelle sold 1,000 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the completion of the transaction, the vice president now directly owns 14,788 shares in the company, valued at $400,902.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.70% of the company’s stock.

IIIN has been the subject of a number of analyst reports. BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. TheStreet lowered Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday, October 19th. Finally, Longbow Research lowered Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold”.

Insteel Industries, Inc. (NASDAQ IIIN) opened at $25.63 on Thursday. The firm has a market capitalization of $490.69, a P/E ratio of 21.84 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 issued its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.05). The business had revenue of $96.89 million during the quarter, compared to analysts’ expectations of $96.25 million. Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.51 earnings per share.

The company also recently declared a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be given a dividend of $1.00 per share. The ex-dividend date is Tuesday, December 19th. This represents a dividend yield of 0.44%. Insteel Industries’s dividend payout ratio is currently 10.17%.

About Insteel Industries

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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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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