Royce & Associates LP Sells 133,680 Shares of Insteel Industries Inc (NASDAQ:IIIN)
Royce & Associates LP lessened its stake in Insteel Industries Inc (NASDAQ:IIIN) by 11.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,015,291 shares of the industrial products company’s stock after selling 133,680 shares during the quarter. Royce & Associates LP owned about 5.32% of Insteel Industries worth $33,911,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Piedmont Investment Advisors LLC acquired a new position in shares of Insteel Industries during the second quarter worth about $141,000. SG Americas Securities LLC acquired a new position in Insteel Industries during the second quarter valued at approximately $141,000. Global X Management Co. LLC boosted its position in Insteel Industries by 331.1% during the first quarter. Global X Management Co. LLC now owns 9,053 shares of the industrial products company’s stock valued at $250,000 after purchasing an additional 6,953 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in Insteel Industries during the fourth quarter valued at approximately $255,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in Insteel Industries by 21.2% during the second quarter. Municipal Employees Retirement System of Michigan now owns 8,240 shares of the industrial products company’s stock valued at $276,000 after purchasing an additional 1,440 shares during the last quarter. Institutional investors and hedge funds own 81.13% of the company’s stock.
Shares of NASDAQ IIIN traded up $0.30 during trading hours on Friday, reaching $37.81. 103,082 shares of the stock were exchanged, compared to its average volume of 128,752. The firm has a market cap of $720.86 million, a P/E ratio of 27.37 and a beta of 2.16. Insteel Industries Inc has a 52 week low of $24.50 and a 52 week high of $43.78.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.32%.
In other news, VP James F. Petelle sold 13,202 shares of Insteel Industries stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $42.91, for a total value of $566,497.82. Following the transaction, the vice president now owns 16,702 shares in the company, valued at approximately $716,682.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Scot R. Jafroodi sold 5,670 shares of Insteel Industries stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $42.97, for a total value of $243,639.90. Following the completion of the transaction, the insider now owns 29,438 shares in the company, valued at approximately $1,264,950.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,523 shares of company stock worth $5,760,476. Corporate insiders own 5.70% of the company’s stock.
Several brokerages recently commented on IIIN. BidaskClub cut Insteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 11th. Sidoti cut Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Monday, July 9th.
Insteel Industries Company Profile
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.
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