New York State Common Retirement Fund trimmed its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,072 shares of the industrial products company’s stock after selling 408 shares during the quarter. New York State Common Retirement Fund owned approximately 0.17% of Insteel Industries worth $1,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in IIIN. American Century Companies Inc. lifted its holdings in shares of Insteel Industries by 26.4% during the 2nd quarter. American Century Companies Inc. now owns 17,297 shares of the industrial products company’s stock valued at $556,000 after buying an additional 3,614 shares during the last quarter. Swiss National Bank lifted its holdings in Insteel Industries by 1.9% in the 2nd quarter. Swiss National Bank now owns 42,600 shares of the industrial products company’s stock worth $1,370,000 after purchasing an additional 800 shares during the last quarter. Sei Investments Co. acquired a new stake in Insteel Industries in the 2nd quarter worth approximately $443,000. Citigroup Inc. lifted its holdings in Insteel Industries by 388.9% in the 2nd quarter. Citigroup Inc. now owns 10,633 shares of the industrial products company’s stock worth $342,000 after purchasing an additional 8,458 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Insteel Industries by 13.2% in the 2nd quarter. Principal Financial Group Inc. now owns 150,227 shares of the industrial products company’s stock worth $4,830,000 after purchasing an additional 17,479 shares during the last quarter. Institutional investors and hedge funds own 77.68% of the company’s stock.
In related news, VP Scot R. Jafroodi sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 17th. The stock was sold at an average price of $45.03, for a total value of $135,090.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is currently owned by insiders.
Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, October 21st. The industrial products company reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.34. Insteel Industries had a return on equity of 24.88% and a net margin of 11.28%. The firm had revenue of $171.26 million during the quarter.
The business also recently announced a quarterly dividend, which was paid on Friday, December 17th. Investors of record on Thursday, December 2nd were issued a $0.03 dividend. The ex-dividend date was Wednesday, December 1st. This represents a $0.12 annualized dividend and a yield of 0.30%. Insteel Industries’s dividend payout ratio (DPR) is currently 3.53%.
Insteel Industries Profile
Insteel Industries, Inc manufactures and markets steel wire reinforcing products for concrete construction applications. Its products include PC strand and welded wire reinforcement (WWR). The PC strand products refers to seven-wire strand that is used to impart compression forces into precast concrete elements and structures, which may be either pretensioned or posttensioned, providing reinforcement for bridges, parking decks, buildings and other concrete structures.
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