Ameriprise Financial Inc. Has $3.01 Million Holdings in Insteel Industries, Inc. (IIIN)
Ameriprise Financial Inc. raised its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 0.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,350 shares of the industrial products company’s stock after buying an additional 185 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.48% of Insteel Industries worth $3,012,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the business. TIAA CREF Investment Management LLC grew its holdings in Insteel Industries by 2.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 60,847 shares of the industrial products company’s stock valued at $2,006,000 after buying an additional 1,536 shares in the last quarter. Teachers Advisors LLC grew its holdings in shares of Insteel Industries by 10.9% during the 2nd quarter. Teachers Advisors LLC now owns 33,133 shares of the industrial products company’s stock worth $1,092,000 after purchasing an additional 3,264 shares during the period. Franklin Resources Inc. grew its holdings in shares of Insteel Industries by 42.9% during the 2nd quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock worth $23,260,000 after purchasing an additional 211,900 shares during the period. Kennedy Capital Management Inc. purchased a new position in shares of Insteel Industries during the 2nd quarter worth $2,411,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Insteel Industries during the 2nd quarter worth $274,000. Institutional investors own 81.04% of the company’s stock.
In other news, VP James F. Petelle sold 1,000 shares of Insteel Industries stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the sale, the vice president now owns 14,788 shares of the company’s stock, valued at $400,902.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.70% of the stock is owned by insiders.
IIIN has been the subject of a number of research analyst reports. BidaskClub cut Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Finally, Longbow Research cut Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. Insteel Industries presently has a consensus rating of “Hold”.
Insteel Industries, Inc. (NASDAQ:IIIN) opened at 27.69 on Monday. Insteel Industries, Inc. has a 12-month low of $23.20 and a 12-month high of $42.81. The stock has a market capitalization of $526.80 million, a PE ratio of 18.58 and a beta of 2.10. The stock’s 50 day moving average price is $26.01 and its 200-day moving average price is $29.45.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05). The business had revenue of $96.89 million during the quarter, compared to analysts’ expectations of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. Insteel Industries’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 EPS. Analysts expect that Insteel Industries, Inc. will post $1.64 earnings per share for the current year.
The firm also recently disclosed a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be given a $1.00 dividend. This represents a dividend yield of 0.44%. The ex-dividend date of this dividend is Tuesday, December 19th. Insteel Industries’s dividend payout ratio is currently 10.17%.
About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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