New York State Teachers Retirement System Sells 749 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

New York State Teachers Retirement System reduced its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,681 shares of the industrial products company’s stock after selling 749 shares during the period. New York State Teachers Retirement System’s holdings in Insteel Industries were worth $256,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. HighTower Advisors LLC bought a new stake in Insteel Industries in the first quarter worth about $280,000. Citigroup Inc. raised its position in Insteel Industries by 16.4% in the first quarter. Citigroup Inc. now owns 17,217 shares of the industrial products company’s stock worth $637,000 after acquiring an additional 2,432 shares during the period. MetLife Investment Management LLC raised its position in Insteel Industries by 51.0% in the first quarter. MetLife Investment Management LLC now owns 10,688 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 3,609 shares during the period. Rhumbline Advisers raised its position in Insteel Industries by 1.5% in the first quarter. Rhumbline Advisers now owns 53,384 shares of the industrial products company’s stock worth $1,975,000 after acquiring an additional 779 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Insteel Industries by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,737 shares of the industrial products company’s stock worth $619,000 after acquiring an additional 2,068 shares during the period. 83.27% of the stock is owned by institutional investors.

Insider Transactions at Insteel Industries

In related news, COO Richard Wagner sold 1,715 shares of the business’s 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 completion of the transaction, the chief operating officer now owns 40,952 shares of the company’s stock, valued at $1,480,005.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.60% of the company’s stock.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $33.55 on Friday. The firm has a market cap of $652.48 million, a price-to-earnings ratio of 29.17, a P/E/G ratio of 2.10 and a beta of 1.14. The firm’s 50-day simple moving average is $35.66 and its two-hundred day simple moving average is $34.51. Insteel Industries, Inc. has a 52 week low of $25.44 and a 52 week high of $39.38.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, January 18th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.06). The business had revenue of $121.80 million during the quarter, compared to analysts’ expectations of $130.07 million. Insteel Industries had a return on equity of 6.16% and a net margin of 3.71%. Insteel Industries’s revenue for the quarter was down 27.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 EPS. Analysts forecast that Insteel Industries, Inc. will post 1.3 earnings per share for the current year.

Insteel Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.03 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.36%. Insteel Industries’s payout ratio is 10.43%.

Insteel Industries 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.