US Bancorp DE reduced its position in shares of Insteel Industries Inc (NASDAQ:IIIN) by 11.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,893 shares of the industrial products company’s stock after selling 1,530 shares during the period. US Bancorp DE owned approximately 0.06% of Insteel Industries worth $397,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in IIIN. Piedmont Investment Advisors LLC acquired a new position in Insteel Industries during the second quarter valued at approximately $141,000. SG Americas Securities LLC acquired a new position in Insteel Industries during the second quarter valued at approximately $141,000. Municipal Employees Retirement System of Michigan raised its position in 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 valued at $276,000 after purchasing an additional 1,440 shares in the last quarter. Barclays PLC raised its position in Insteel Industries by 296.8% during the first quarter. Barclays PLC now owns 11,603 shares of the industrial products company’s stock valued at $320,000 after purchasing an additional 8,679 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in Insteel Industries during the first quarter valued at approximately $608,000. Institutional investors and hedge funds own 81.13% of the company’s stock.
IIIN has been the subject of several research analyst reports. BidaskClub downgraded shares of Insteel Industries from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 11th. Sidoti downgraded shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Monday, July 9th.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, July 19th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.15. The company had revenue of $126.69 million during the quarter, compared to the consensus estimate of $119.02 million. Insteel Industries had a net margin of 7.15% and a return on equity of 11.96%. The company’s revenue for the quarter was up 30.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be issued a dividend of $0.03 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.32%.
In other news, insider Scot R. Jafroodi sold 5,670 shares of the company’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $42.97, for a total transaction of $243,639.90. Following the completion of the transaction, the insider now directly owns 29,438 shares in the company, valued at $1,264,950.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles B. Newsome sold 6,000 shares of the company’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $40.59, for a total transaction of $243,540.00. Following the transaction, the director now owns 74,712 shares of the company’s stock, valued at $3,032,560.08. The disclosure for this sale can be found here. Insiders have sold 140,523 shares of company stock valued at $5,760,476 over the last quarter. Company insiders own 5.70% of the company’s stock.
Insteel Industries Profile
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.
Further Reading: Growth Stocks, What They Are, What They Are Not
Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.