Illinois Municipal Retirement Fund Sells 1,025 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Illinois Municipal Retirement Fund decreased its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 8.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,812 shares of the industrial products company’s stock after selling 1,025 shares during the period. Illinois Municipal Retirement Fund’s holdings in Insteel Industries were worth $414,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in Insteel Industries by 80.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company’s stock valued at $73,000 after buying an additional 1,006 shares during the period. Public Employees Retirement System of Ohio raised its stake in Insteel Industries by 60.9% in the third quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock valued at $120,000 after buying an additional 1,400 shares during the period. SG Americas Securities LLC bought a new stake in Insteel Industries in the third quarter valued at approximately $162,000. Arizona State Retirement System bought a new stake in Insteel Industries in the fourth quarter valued at approximately $208,000. Finally, Advisor Partners II LLC acquired a new position in shares of Insteel Industries in the third quarter valued at approximately $223,000. Institutional investors own 83.27% of the company’s stock.

Insider Activity

In related news, COO Richard Wagner sold 1,715 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $36.14, for a total transaction of $61,980.10. Following 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 document filed with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is owned by company insiders.

Insteel Industries Trading Down 0.9 %

Insteel Industries stock opened at $31.81 on Thursday. Insteel Industries, Inc. has a 12 month low of $26.86 and a 12 month high of $39.38. The stock’s 50 day moving average is $35.33 and its 200-day moving average is $34.54. The company has a market capitalization of $619.66 million, a price-to-earnings ratio of 25.65, a PEG ratio of 2.07 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, April 25th. The industrial products company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.22 by $0.13. Insteel Industries had a return on equity of 6.78% and a net margin of 4.24%. The company had revenue of $127.40 million for the quarter, compared to the consensus estimate of $134.89 million. During the same quarter in the prior year, the business earned $0.26 earnings per share. The firm’s revenue for the quarter was down 19.9% on a year-over-year basis. As a group, equities research analysts predict that Insteel Industries, Inc. will post 1.3 earnings per share for the current fiscal year.

Insteel Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Thursday, March 14th. Insteel Industries’s payout ratio is 9.68%.

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.