Public Employees Retirement System of Ohio Raises Stock Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Public Employees Retirement System of Ohio boosted its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 60.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,700 shares of the industrial products company’s stock after buying an additional 1,400 shares during the period. Public Employees Retirement System of Ohio’s holdings in Insteel Industries were worth $120,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of IIIN. Point72 Hong Kong Ltd bought a new position in shares of Insteel Industries in the 2nd quarter valued at about $38,000. Qube Research & Technologies Ltd bought a new position in shares of Insteel Industries in the 3rd quarter valued at about $70,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Insteel Industries by 80.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company’s stock valued at $73,000 after acquiring an additional 1,006 shares during the last quarter. UBS Group AG lifted its holdings in shares of Insteel Industries by 182.5% in the 3rd quarter. UBS Group AG now owns 2,822 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 1,823 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Insteel Industries by 502.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,056 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 2,549 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Up 1.1 %

Shares of NASDAQ:IIIN opened at $38.22 on Friday. Insteel Industries, Inc. has a 12 month low of $25.44 and a 12 month high of $39.38. The company has a 50-day moving average price of $35.47 and a 200 day moving average price of $34.20. The company has a market cap of $743.38 million, a price-to-earnings ratio of 33.24, a PEG ratio of 2.37 and a beta of 1.13.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.06). The firm had revenue of $121.80 million during the quarter, compared to the consensus estimate of $130.07 million. Insteel Industries had a return on equity of 6.16% and a net margin of 3.71%. The firm’s revenue for the quarter was down 27.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.44 EPS. As a group, equities analysts forecast that Insteel Industries, Inc. will post 1.3 EPS for the current year.

Insteel Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Thursday, March 14th. Insteel Industries’s payout ratio is currently 10.43%.

Insiders Place Their Bets

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the sale, the chief operating officer now owns 40,952 shares of the company’s stock, valued at $1,480,005.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.60% of the stock is owned by insiders.

Insteel Industries Profile

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.