Russell Investments Group Ltd. decreased its holdings in Insteel Industries Inc (NASDAQ:IIIN) by 39.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 125,534 shares of the industrial products company’s stock after selling 80,759 shares during the quarter. Russell Investments Group Ltd.’s holdings in Insteel Industries were worth $4,498,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the business. Piedmont Investment Advisors LLC bought a new position in shares of Insteel Industries during the second quarter worth approximately $141,000. SG Americas Securities LLC bought a new position in shares of Insteel Industries during the second quarter worth approximately $141,000. Municipal Employees Retirement System of Michigan increased its stake in shares of Insteel Industries by 21.2% during the second quarter. Municipal Employees Retirement System of Michigan now owns 8,240 shares of the industrial products company’s stock worth $276,000 after purchasing an additional 1,440 shares during the period. Global X Management Co LLC increased its stake in shares of Insteel Industries by 17.2% during the second quarter. Global X Management Co LLC now owns 10,611 shares of the industrial products company’s stock worth $354,000 after purchasing an additional 1,558 shares during the period. Finally, Alps Advisors Inc. bought a new position in shares of Insteel Industries during the third quarter worth approximately $473,000. Hedge funds and other institutional investors own 78.20% of the company’s stock.
Separately, BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th.
Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, October 18th. The industrial products company reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.07). The firm had revenue of $121.40 million for the quarter, compared to the consensus estimate of $130.38 million. Insteel Industries had a return on equity of 14.20% and a net margin of 8.00%. Insteel Industries’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 14th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.45%.
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Insteel Industries Company Profile
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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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