Public Employees Retirement System of Ohio Invests $526,000 in Insteel Industries, Inc. $IIIN

Public Employees Retirement System of Ohio purchased a new stake in shares of Insteel Industries, Inc. (NYSE:IIIN) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 17,426 shares of the company’s stock, valued at approximately $526,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Insteel Industries in the 2nd quarter worth about $46,014,000. Robotti Robert purchased a new stake in shares of Insteel Industries in the second quarter worth about $14,421,000. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Insteel Industries in the second quarter valued at approximately $9,023,000. Bank of New York Mellon Corp purchased a new position in Insteel Industries during the second quarter valued at approximately $6,726,000. Finally, Algert Global LLC grew its stake in Insteel Industries by 360.5% during the third quarter. Algert Global LLC now owns 166,514 shares of the company’s stock valued at $6,384,000 after acquiring an additional 130,354 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Down 1.0%

IIIN opened at $30.41 on Friday. The business’s fifty day simple moving average is $31.04 and its 200 day simple moving average is $30.59. Insteel Industries, Inc. has a 52 week low of $24.35 and a 52 week high of $39.91. The stock has a market cap of $588.72 million, a PE ratio of 16.35, a P/E/G ratio of 1.61 and a beta of 0.51.

Insteel Industries (NYSE:IIIN) last posted its quarterly earnings data on Thursday, July 16th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The firm had revenue of $197.66 million during the quarter. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.During the same quarter in the previous year, the company posted $0.78 earnings per share. As a group, equities analysts anticipate that Insteel Industries, Inc. will post 1.59 earnings per share for the current year.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, September 11th. Insteel Industries’s dividend payout ratio (DPR) is 6.45%.

Insider Activity at Insteel Industries

In other news, COO Richard Wagner sold 1,640 shares of Insteel Industries stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $30.31, for a total value of $49,708.40. Following the transaction, the chief operating officer owned 40,000 shares in the company, valued at approximately $1,212,400. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.20% of the company’s stock.

Wall Street Analysts Forecast Growth

IIIN has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Zacks Research raised shares of Insteel Industries from a “hold” rating to a “strong-buy” rating in a report on Friday, July 17th. Finally, Weiss Ratings upgraded Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Insteel Industries currently has a consensus rating of “Buy”.

Insteel Industries Profile

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.