Insteel Industries, Inc. (NASDAQ:IIIN) Stake Lessened by Rhumbline Advisers

Rhumbline Advisers cut its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,165 shares of the industrial products company’s stock after selling 3,062 shares during the period. Rhumbline Advisers owned approximately 0.29% of Insteel Industries worth $1,477,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Smartleaf Asset Management LLC lifted its stake in Insteel Industries by 535.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock valued at $53,000 after purchasing an additional 1,660 shares during the last quarter. AlphaQuest LLC acquired a new stake in Insteel Industries during the fourth quarter valued at approximately $83,000. KLP Kapitalforvaltning AS acquired a new stake in Insteel Industries during the fourth quarter valued at approximately $97,000. State of Wyoming lifted its stake in Insteel Industries by 76.4% during the fourth quarter. State of Wyoming now owns 5,554 shares of the industrial products company’s stock valued at $150,000 after purchasing an additional 2,406 shares during the last quarter. Finally, Quantbot Technologies LP lifted its stake in Insteel Industries by 106.5% during the fourth quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company’s stock valued at $216,000 after purchasing an additional 4,130 shares during the last quarter. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Price Performance

IIIN stock opened at $34.82 on Thursday. Insteel Industries, Inc. has a 12 month low of $22.49 and a 12 month high of $37.61. The firm has a market cap of $675.98 million, a PE ratio of 35.17, a P/E/G ratio of 1.81 and a beta of 0.72. The firm has a 50 day simple moving average of $34.09 and a 200 day simple moving average of $29.94.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend is Friday, June 13th. Insteel Industries’s dividend payout ratio is presently 10.34%.

About Insteel Industries

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.