Zurcher Kantonalbank Zurich Cantonalbank Lowers Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 26.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,803 shares of the industrial products company’s stock after selling 988 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Insteel Industries were worth $107,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System acquired a new stake in shares of Insteel Industries in the third quarter valued at approximately $804,000. Pacer Advisors Inc. boosted its stake in shares of Insteel Industries by 195.2% during the fourth quarter. Pacer Advisors Inc. now owns 728,935 shares of the industrial products company’s stock valued at $27,911,000 after acquiring an additional 482,026 shares during the last quarter. Cerity Partners LLC purchased a new stake in Insteel Industries during the 4th quarter worth about $5,501,000. Charles Schwab Investment Management Inc. raised its stake in Insteel Industries by 4.5% in the 3rd 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 during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Insteel Industries by 39.7% during 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 last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insider Buying and Selling

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $36.14, for a total transaction of $61,980.10. Following the transaction, the chief operating officer now owns 40,952 shares of the company’s stock, valued at $1,480,005.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.60% of the company’s stock.

Insteel Industries Price Performance

NASDAQ:IIIN opened at $33.80 on Friday. Insteel Industries, Inc. has a 1-year low of $26.86 and a 1-year high of $39.38. The firm has a 50 day simple moving average of $34.98 and a 200-day simple moving average of $34.58. The firm has a market cap 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 (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. The company had revenue of $127.40 million for the quarter, compared to analyst estimates of $134.89 million. Insteel Industries had a return on equity of 6.78% and a net margin of 4.24%. The business’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 EPS. As a group, sell-side analysts expect that Insteel Industries, Inc. will post 1.55 earnings per share for the current fiscal year.

Insteel Industries Cuts Dividend

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