Bank of America Corp DE Sells 16,441 Shares of Insteel Industries Inc (IIIN)
Bank of America Corp DE reduced its stake in shares of Insteel Industries Inc (NASDAQ:IIIN) by 27.5% during the 2nd quarter, Holdings Channel reports. The firm owned 43,266 shares of the industrial products company’s stock after selling 16,441 shares during the quarter. Bank of America Corp DE’s holdings in Insteel Industries were worth $1,445,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of IIIN. SG Americas Securities LLC acquired a new position in Insteel Industries in the second quarter valued at approximately $141,000. Piedmont Investment Advisors LLC acquired a new position in Insteel Industries in the second quarter valued at approximately $141,000. Municipal Employees Retirement System of Michigan lifted its holdings in Insteel Industries by 21.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 8,240 shares of the industrial products company’s stock valued at $276,000 after acquiring an additional 1,440 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Insteel Industries by 15.9% in the second quarter. Oppenheimer & Co. Inc. now owns 25,450 shares of the industrial products company’s stock valued at $850,000 after acquiring an additional 3,500 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Insteel Industries by 198.1% in the first quarter. UBS Group AG now owns 31,689 shares of the industrial products company’s stock valued at $876,000 after acquiring an additional 21,057 shares during the last quarter. Institutional investors and hedge funds own 81.39% of the company’s stock.
NASDAQ:IIIN opened at $27.88 on Wednesday. Insteel Industries Inc has a 52 week low of $24.51 and a 52 week high of $43.78. The firm has a market cap of $535.54 million, a price-to-earnings ratio of 16.68 and a beta of 2.44.
In other Insteel Industries news, VP Michael C. Gazmarian sold 35,900 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $40.17, for a total transaction of $1,442,103.00. Following the transaction, the vice president now directly owns 48,272 shares in the company, valued at $1,939,086.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman H O. Woltz III sold 24,219 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $40.96, for a total value of $992,010.24. Following the transaction, the chairman now owns 509,322 shares in the company, valued at $20,861,829.12. The disclosure for this sale can be found here. Insiders have sold 106,951 shares of company stock worth $4,336,738 over the last 90 days. 5.70% of the stock is owned by insiders.
Separately, BidaskClub upgraded Insteel Industries from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 24th.
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Insteel Industries Profile
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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