Strs Ohio Acquires New Position in Insteel Industries Inc (IIIN)
Strs Ohio acquired a new stake in shares of Insteel Industries Inc (NASDAQ:IIIN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,075 shares of the industrial products company’s stock, valued at approximately $612,000. Strs Ohio owned 0.09% of Insteel Industries as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Insteel Industries by 6.8% during the second quarter. BlackRock Inc. now owns 2,510,170 shares of the industrial products company’s stock valued at $83,838,000 after purchasing an additional 160,618 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Insteel Industries by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,336,512 shares of the industrial products company’s stock valued at $44,640,000 after purchasing an additional 14,411 shares during the period. Northern Trust Corp boosted its stake in shares of Insteel Industries by 2.3% during the second quarter. Northern Trust Corp now owns 290,665 shares of the industrial products company’s stock valued at $9,708,000 after purchasing an additional 6,452 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Insteel Industries by 7.1% during the second quarter. Russell Investments Group Ltd. now owns 206,293 shares of the industrial products company’s stock valued at $6,892,000 after purchasing an additional 13,617 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Insteel Industries by 2.4% during the first quarter. Principal Financial Group Inc. now owns 138,649 shares of the industrial products company’s stock valued at $3,831,000 after purchasing an additional 3,290 shares during the period. 80.24% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Michael C. Gazmarian sold 40,809 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $40.72, for a total transaction of $1,661,742.48. Following the completion of the transaction, the vice president now directly owns 78,342 shares in the company, valued at $3,190,086.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael C. Gazmarian sold 35,900 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $40.17, for a total value of $1,442,103.00. Following the transaction, the vice president now owns 48,272 shares of the company’s stock, valued at $1,939,086.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 116,651 shares of company stock valued at $4,736,788. 5.70% of the stock is owned by corporate insiders.
Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, October 18th. The industrial products company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The business had revenue of $121.40 million for the quarter, compared to the consensus estimate of $130.38 million. Insteel Industries had a net margin of 8.00% and a return on equity of 14.20%. Insteel Industries’s revenue was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 EPS.
Separately, BidaskClub downgraded Insteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 18th.
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About Insteel Industries
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.
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