Mirae Asset Global Investments Co. Ltd. Cuts Stock Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Mirae Asset Global Investments Co. Ltd. lessened its stake in Insteel Industries, Inc. (NASDAQ:IIINGet Rating) by 27.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 365,981 shares of the industrial products company’s stock after selling 141,678 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 1.88% of Insteel Industries worth $13,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IIIN. Baystate Wealth Management LLC boosted its holdings in Insteel Industries by 60.2% in the first quarter. Baystate Wealth Management LLC now owns 1,059 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 398 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Insteel Industries by 143.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company’s stock worth $94,000 after acquiring an additional 1,501 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in Insteel Industries in the first quarter worth about $211,000. Carolina Wealth Advisors LLC boosted its holdings in Insteel Industries by 8.8% in the first quarter. Carolina Wealth Advisors LLC now owns 7,359 shares of the industrial products company’s stock worth $272,000 after acquiring an additional 596 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new stake in Insteel Industries in the first quarter worth about $280,000. Hedge funds and other institutional investors own 77.66% of the company’s stock.

Insteel Industries Stock Up 0.7 %

Insteel Industries stock opened at $27.93 on Tuesday. Insteel Industries, Inc. has a 52 week low of $26.94 and a 52 week high of $47.70. The company has a market capitalization of $544.80 million, a price-to-earnings ratio of 4.36 and a beta of 1.22. The stock has a 50-day moving average price of $31.15 and a 200 day moving average price of $36.29.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Thursday, September 15th. Insteel Industries’s dividend payout ratio (DPR) is 1.87%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Insteel Industries from a “hold” rating to a “buy” rating in a report on Tuesday.

Insteel Industries Profile

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Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. 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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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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