State Board of Administration of Florida Retirement System Sells 7,060 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

State Board of Administration of Florida Retirement System cut its stake in shares of Insteel Industries, Inc. (NASDAQ:IIINGet Rating) by 38.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,398 shares of the industrial products company’s stock after selling 7,060 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Insteel Industries were worth $384,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of IIIN. Royce & Associates LP increased its holdings in shares of Insteel Industries by 20.3% during the first quarter. Royce & Associates LP now owns 653,819 shares of the industrial products company’s stock valued at $24,185,000 after acquiring an additional 110,398 shares in the last quarter. Prudential Financial Inc. increased its holdings in Insteel Industries by 425.9% in the 1st quarter. Prudential Financial Inc. now owns 107,318 shares of the industrial products company’s stock worth $3,969,000 after buying an additional 86,912 shares in the last quarter. Vanguard Group Inc. increased its holdings in Insteel Industries by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 1,354,239 shares of the industrial products company’s stock worth $50,093,000 after buying an additional 55,935 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in Insteel Industries by 234.8% in the 2nd quarter. Los Angeles Capital Management LLC now owns 67,817 shares of the industrial products company’s stock worth $2,283,000 after buying an additional 47,564 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in Insteel Industries by 11.0% in the 1st quarter. Royal Bank of Canada now owns 349,098 shares of the industrial products company’s stock worth $12,912,000 after buying an additional 34,736 shares in the last quarter. 77.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IIIN has been the subject of several research analyst reports. Sidoti upgraded Insteel Industries from a “neutral” rating to a “buy” rating in a report on Thursday, October 13th. StockNews.com downgraded Insteel Industries from a “buy” rating to a “hold” rating in a report on Friday, October 21st.

Insteel Industries Stock Performance

Shares of NASDAQ:IIIN opened at $27.90 on Monday. The stock has a market capitalization of $543.44 million, a price-to-earnings ratio of 4.38 and a beta of 1.16. The stock’s 50-day simple moving average is $27.11 and its two-hundred day simple moving average is $32.51. Insteel Industries, Inc. has a 52-week low of $24.00 and a 52-week high of $47.70.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 23rd. Shareholders of record on Friday, December 9th will be given a $0.03 dividend. The ex-dividend date is Thursday, December 8th. This represents a $0.12 annualized dividend and a yield of 0.43%. Insteel Industries’s payout ratio is 1.88%.

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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