Bank of New York Mellon Corp decreased its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 0.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,260 shares of the industrial products company’s stock after selling 2,056 shares during the period. Bank of New York Mellon Corp owned 1.16% of Insteel Industries worth $7,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IIIN. Monarch Partners Asset Management LLC raised its position in Insteel Industries by 13.0% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 126,260 shares of the industrial products company’s stock valued at $4,163,000 after purchasing an additional 14,495 shares during the last quarter. Sei Investments Co. raised its position in Insteel Industries by 970.9% during the 2nd quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock valued at $450,000 after purchasing an additional 12,369 shares during the last quarter. SG Americas Securities LLC bought a new position in Insteel Industries during the 2nd quarter valued at approximately $256,000. Russell Investments Group Ltd. raised its position in Insteel Industries by 18.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock valued at $1,264,000 after purchasing an additional 5,854 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its position in Insteel Industries by 6.5% during the 2nd quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock valued at $868,000 after purchasing an additional 1,600 shares during the last quarter. 81.29% of the stock is owned by institutional investors and hedge funds.

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Insteel Industries, Inc. (NASDAQ:IIIN) opened at 26.11 on Friday. The firm’s 50-day moving average price is $25.27 and its 200-day moving average price is $31.15. Insteel Industries, Inc. has a 52-week low of $22.50 and a 52-week high of $42.81. The company has a market cap of $496.74 million, a price-to-earnings ratio of 17.52 and a beta of 2.13.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.20). The firm had revenue of $96.90 million during the quarter, compared to analysts’ expectations of $122.39 million. Insteel Industries had a net margin of 7.24% and a return on equity of 13.30%. The firm’s revenue for the quarter was down 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 EPS. On average, equities analysts anticipate that Insteel Industries, Inc. will post $1.34 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a $0.03 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.46%. Insteel Industries’s payout ratio is 8.05%.

A number of research analysts have commented on IIIN shares. BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. Longbow Research lowered Insteel Industries from a “buy” rating to a “neutral” rating in a research report 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).

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

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