Hsbc Holdings PLC Decreases Holdings in Insteel Industries, Inc. $IIIN

Hsbc Holdings PLC cut its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 94.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,943 shares of the industrial products company’s stock after selling 156,863 shares during the quarter. Hsbc Holdings PLC owned 0.05% of Insteel Industries worth $262,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Invenomic Capital Management LP purchased a new position in shares of Insteel Industries in the fourth quarter worth $5,811,000. Charles Schwab Investment Management Inc. increased its stake in shares of Insteel Industries by 36.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company’s stock worth $6,672,000 after buying an additional 67,422 shares during the period. Vanguard Group Inc. increased its stake in shares of Insteel Industries by 5.4% in the first quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company’s stock worth $34,414,000 after buying an additional 67,377 shares during the period. Segall Bryant & Hamill LLC purchased a new position in shares of Insteel Industries in the first quarter worth $1,628,000. Finally, Jackson Creek Investment Advisors LLC purchased a new position in shares of Insteel Industries in the first quarter worth $1,487,000. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP James R. York sold 3,000 shares of Insteel Industries stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $38.50, for a total value of $115,500.00. Following the sale, the senior vice president owned 9,443 shares in the company, valued at $363,555.50. The trade was a 24.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.00% of the stock is currently owned by company insiders.

Insteel Industries Stock Up 2.7%

Shares of NASDAQ IIIN opened at $38.88 on Friday. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week high of $41.64. The firm’s fifty day moving average is $37.49 and its 200 day moving average is $33.47. The company has a market cap of $754.56 million, a price-to-earnings ratio of 39.27, a PEG ratio of 1.81 and a beta of 0.78.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, July 17th. The industrial products company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.69 by $0.09. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The company’s revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 EPS. Equities research analysts anticipate that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.03 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.12 annualized dividend and a yield of 0.3%. Insteel Industries’s payout ratio is 7.50%.

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.