StoneX Group Inc. Decreases Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

StoneX Group Inc. decreased its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 4.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 42,889 shares of the industrial products company’s stock after selling 1,799 shares during the period. StoneX Group Inc.’s holdings in Insteel Industries were worth $1,333,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC lifted its stake in Insteel Industries by 132.7% in the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock valued at $12,678,000 after purchasing an additional 232,514 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Insteel Industries by 26.8% in the second quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after buying an additional 74,791 shares during the period. American Century Companies Inc. raised its stake in shares of Insteel Industries by 14.6% in the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after buying an additional 59,591 shares during the period. Pacer Advisors Inc. lifted its position in shares of Insteel Industries by 3.5% during the 3rd quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after buying an additional 22,543 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Insteel Industries during the 3rd quarter worth $690,000. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Stock Up 1.2 %

NASDAQ IIIN opened at $30.47 on Monday. The firm has a market cap of $592.64 million, a P/E ratio of 30.78, a price-to-earnings-growth ratio of 2.26 and a beta of 1.12. The company’s 50 day moving average is $29.58 and its 200-day moving average is $31.10. Insteel Industries, Inc. has a 12-month low of $26.74 and a 12-month high of $39.38.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The business had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $140.40 million. Equities analysts expect that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.39%. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

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.