Mirae Asset Global Investments Co. Ltd. Trims Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Mirae Asset Global Investments Co. Ltd. reduced its stake in shares of Insteel Industries, Inc. (NASDAQ:IIINGet Rating) by 27.9% in the 1st quarter, Holdings Channel reports. The fund owned 365,981 shares of the industrial products company’s stock after selling 141,678 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Insteel Industries were worth $13,538,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Baystate Wealth Management LLC increased its position in shares of Insteel Industries by 60.2% in the first quarter. Baystate Wealth Management LLC now owns 1,059 shares of the industrial products company’s stock valued at $39,000 after buying an additional 398 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Insteel Industries by 143.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company’s stock valued at $94,000 after buying an additional 1,501 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Insteel Industries in the first quarter valued at approximately $211,000. Carolina Wealth Advisors LLC increased its position in shares of Insteel Industries by 8.8% in the first quarter. Carolina Wealth Advisors LLC now owns 7,359 shares of the industrial products company’s stock valued at $272,000 after buying an additional 596 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in shares of Insteel Industries in the first quarter valued at approximately $280,000. 77.66% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Stock Performance

Shares of IIIN opened at $27.93 on Tuesday. Insteel Industries, Inc. has a one year low of $26.94 and a one year high of $47.70. The stock has a market capitalization of $544.80 million, a price-to-earnings ratio of 4.36 and a beta of 1.22. The stock has a 50 day moving average price of $31.15 and a 200 day moving average price of $36.29.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Thursday, September 15th. Insteel Industries’s payout ratio is 1.87%.

Analyst Ratings Changes

Separately, StockNews.com upgraded Insteel Industries from a “hold” rating to a “buy” rating in a research report on Tuesday.

Insteel Industries Profile

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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.

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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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