Cadence Capital Management LLC lowered its position in Insteel Industries, Inc. (NASDAQ:IIIN) by 44.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,461 shares of the industrial products company’s stock after selling 14,683 shares during the period. Cadence Capital Management LLC owned 0.10% of Insteel Industries worth $609,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IIIN. Texas Permanent School Fund increased its position in Insteel Industries by 1.1% in the second quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock worth $421,000 after buying an additional 134 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Insteel Industries by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock worth $2,525,000 after buying an additional 987 shares in the last quarter. Wedge Capital Management L L P NC increased its position in Insteel Industries by 2.8% in the second quarter. Wedge Capital Management L L P NC now owns 36,800 shares of the industrial products company’s stock worth $1,213,000 after buying an additional 1,000 shares in the last quarter. Forward Management LLC increased its position in Insteel Industries by 27.7% in the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock worth $197,000 after buying an additional 1,295 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Insteel Industries by 6.5% in the second quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock worth $868,000 after buying an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

Shares of Insteel Industries, Inc. (IIIN) opened at 24.53 on Wednesday. The firm has a market capitalization of $466.68 million, a PE ratio of 16.46 and a beta of 2.11. Insteel Industries, Inc. has a 52-week low of $22.50 and a 52-week high of $42.81. The stock has a 50 day moving average price of $27.83 and a 200-day moving average price of $32.64.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by $0.20. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The firm had revenue of $96.90 million during the quarter, compared to analysts’ expectations of $122.39 million. During the same quarter in the previous year, the firm earned $0.71 earnings per share. Insteel Industries’s revenue was down 16.2% on a year-over-year basis. Equities analysts forecast that Insteel Industries, Inc. will post $1.38 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.49%. Insteel Industries’s payout ratio is currently 8.05%.

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A number of research firms have weighed in on IIIN. BidaskClub downgraded Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Longbow Research downgraded Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th.

Insteel Industries Company Profile

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).

Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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