Teacher Retirement System of Texas Cuts Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Teacher Retirement System of Texas trimmed its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 22.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,568 shares of the industrial products company’s stock after selling 7,840 shares during the quarter. Teacher Retirement System of Texas owned about 0.14% of Insteel Industries worth $699,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of IIIN. AlphaQuest LLC purchased a new stake in shares of Insteel Industries in the fourth quarter valued at $83,000. Intech Investment Management LLC increased its position in Insteel Industries by 165.0% during the 4th quarter. Intech Investment Management LLC now owns 58,824 shares of the industrial products company’s stock valued at $1,589,000 after buying an additional 36,629 shares in the last quarter. Semanteon Capital Management LP purchased a new position in shares of Insteel Industries in the 4th quarter valued at approximately $270,000. Quantbot Technologies LP lifted its stake in shares of Insteel Industries by 106.5% during the fourth quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company’s stock worth $216,000 after buying an additional 4,130 shares during the period. Finally, American Century Companies Inc. grew its stake in Insteel Industries by 1.1% during the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company’s stock valued at $14,518,000 after purchasing an additional 5,935 shares during the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Trading Down 2.2%

Shares of NASDAQ:IIIN opened at $38.58 on Wednesday. The company’s 50 day moving average is $36.55 and its 200 day moving average is $31.09. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $40.03. The company has a market cap of $748.88 million, a PE ratio of 38.97, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Friday, June 13th. Insteel Industries’s payout ratio is 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.