Municipal Employees Retirement System of Michigan grew its stake in shares of Insteel Industries Inc (NASDAQ:IIIN) by 43.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,910 shares of the industrial products company’s stock after acquiring an additional 2,680 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Insteel Industries were worth $233,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of IIIN. Royce & Associates LP increased its holdings in Insteel Industries by 3.4% in the 2nd quarter. Royce & Associates LP now owns 1,748,930 shares of the industrial products company’s stock worth $57,662,000 after buying an additional 57,600 shares during the period. Royal Bank of Canada increased its holdings in Insteel Industries by 12.5% in the 2nd quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock worth $47,921,000 after buying an additional 161,813 shares during the period. Dimensional Fund Advisors LP increased its holdings in Insteel Industries by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock worth $42,771,000 after buying an additional 104,298 shares during the period. Vanguard Group Inc. increased its holdings in Insteel Industries by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,161,064 shares of the industrial products company’s stock worth $38,280,000 after buying an additional 11,906 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Insteel Industries by 42.9% in the 2nd quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock worth $23,260,000 after buying an additional 211,900 shares during the period. Hedge funds and other institutional investors own 81.06% of the company’s stock.

Shares of Insteel Industries Inc (NASDAQ IIIN) opened at $27.55 on Thursday. Insteel Industries Inc has a 52-week low of $23.20 and a 52-week high of $39.20. The company has a market capitalization of $517.34, a P/E ratio of 23.02 and a beta of 2.11.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company had revenue of $96.89 million during the quarter, compared to analysts’ expectations of $96.25 million. During the same quarter in the prior year, the company posted $0.51 EPS. The company’s revenue for the quarter was down 6.0% on a year-over-year basis.

The business also recently disclosed a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be given a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s dividend payout ratio is presently 10.17%.

In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 14,788 shares in the company, valued at approximately $400,902.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 5.70% of the company’s stock.

Several equities analysts recently weighed in on the stock. Longbow Research downgraded shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. Finally, TheStreet lowered Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. Insteel Industries currently has an average rating of “Hold”.

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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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