Mirae Asset Global Investments Co. Ltd. Sells 8,722 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Mirae Asset Global Investments Co. Ltd. cut its stake in Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) by 3.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 275,402 shares of the industrial products company’s stock after selling 8,722 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Insteel Industries were worth $7,579,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in IIIN. Bruce & Co. Inc. bought a new position in shares of Insteel Industries in the third quarter worth about $7,269,000. Captrust Financial Advisors grew its holdings in shares of Insteel Industries by 11,836.4% in the second quarter. Captrust Financial Advisors now owns 142,401 shares of the industrial products company’s stock worth $4,795,000 after purchasing an additional 141,208 shares during the last quarter. Citadel Advisors LLC grew its holdings in shares of Insteel Industries by 498.4% in the second quarter. Citadel Advisors LLC now owns 154,789 shares of the industrial products company’s stock worth $5,212,000 after purchasing an additional 128,920 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Insteel Industries by 3.7% in the third quarter. BlackRock Inc. now owns 3,339,057 shares of the industrial products company’s stock worth $88,586,000 after purchasing an additional 117,907 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Insteel Industries by 498.6% in the second quarter. Renaissance Technologies LLC now owns 131,940 shares of the industrial products company’s stock worth $4,442,000 after acquiring an additional 109,900 shares during the period. 77.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Insteel Industries in a research note on Thursday. They issued a “hold” rating for the company.

Insteel Industries Price Performance

NASDAQ:IIIN opened at $30.90 on Monday. Insteel Industries, Inc. has a 1-year low of $24.00 and a 1-year high of $43.99. The company has a 50-day moving average of $28.00 and a 200 day moving average of $28.44. The firm has a market cap of $600.70 million, a PE ratio of 7.92 and a beta of 1.10.

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Thursday, June 15th. Insteel Industries’s dividend payout ratio (DPR) is presently 2.98%.

Insteel Industries Profile

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Insteel Industries, Inc engages in manufacturing and marketing steel wire reinforcing products for concrete construction applications. Its offers PC strand, welded wire reinforcement. and engineering services. The company was founded by Howard Osler Woltz, Jr. in 1953 and is headquartered in Mount Airy, NC.