New York State Common Retirement Fund Purchases 1,336 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

New York State Common Retirement Fund raised its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,582 shares of the industrial products company’s stock after acquiring an additional 1,336 shares during the quarter. New York State Common Retirement Fund’s holdings in Insteel Industries were worth $1,401,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. lifted its stake in shares of Insteel Industries by 195.2% in the 4th quarter. Pacer Advisors Inc. now owns 728,935 shares of the industrial products company’s stock worth $27,911,000 after purchasing an additional 482,026 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Insteel Industries by 9.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 527,630 shares of the industrial products company’s stock valued at $17,127,000 after acquiring an additional 45,084 shares during the period. American Century Companies Inc. increased its stake in shares of Insteel Industries by 41.2% in the 3rd quarter. American Century Companies Inc. now owns 200,315 shares of the industrial products company’s stock worth $6,502,000 after purchasing an additional 58,423 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Insteel Industries by 39.7% in the 3rd quarter. First Eagle Investment Management LLC now owns 175,387 shares of the industrial products company’s stock worth $5,693,000 after purchasing an additional 49,826 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Insteel Industries by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 158,540 shares of the industrial products company’s stock valued at $5,146,000 after purchasing an additional 6,885 shares in the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Richard Wagner sold 1,715 shares of the company’s stock in a transaction on 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 transaction, the chief operating officer now owns 40,952 shares of the company’s stock, valued at approximately $1,480,005.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.60% of the company’s stock.

Insteel Industries Stock Performance

NASDAQ:IIIN opened at $33.80 on Friday. The stock has a 50-day simple moving average of $34.98 and a two-hundred day simple moving average of $34.58. The firm has a market capitalization of $658.26 million, a PE ratio of 27.26, a P/E/G ratio of 1.78 and a beta of 1.18. Insteel Industries, Inc. has a 52-week low of $26.86 and a 52-week high of $39.38.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $134.89 million. During the same period in the previous year, the company posted $0.26 EPS. The firm’s revenue was down 19.9% on a year-over-year basis. Equities analysts forecast that Insteel Industries, Inc. will post 1.55 earnings per share for the current fiscal year.

Insteel Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.03 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.36%. Insteel Industries’s dividend payout ratio (DPR) is presently 9.68%.

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 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.