Insteel Industries Inc (IIIN) Holdings Cut by Systematic Financial Management LP

Systematic Financial Management LP decreased its holdings in shares of Insteel Industries Inc (NASDAQ:IIIN) by 11.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,141 shares of the industrial products company’s stock after selling 15,458 shares during the quarter. Systematic Financial Management LP owned about 0.66% of Insteel Industries worth $3,544,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. increased its stake in Insteel Industries by 5.4% during the fourth quarter. BlackRock Inc. now owns 2,321,755 shares of the industrial products company’s stock worth $65,752,000 after acquiring an additional 119,375 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Insteel Industries by 1.0% during the fourth quarter. Bank of New York Mellon Corp now owns 223,212 shares of the industrial products company’s stock worth $6,320,000 after acquiring an additional 2,157 shares during the last quarter. Rhumbline Advisers increased its stake in Insteel Industries by 4.5% during the fourth quarter. Rhumbline Advisers now owns 70,187 shares of the industrial products company’s stock worth $1,988,000 after acquiring an additional 3,050 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Insteel Industries by 223.4% in the fourth quarter. Arizona State Retirement System now owns 30,403 shares of the industrial products company’s stock valued at $861,000 after buying an additional 21,003 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Insteel Industries by 14.5% in the fourth quarter. Wells Fargo & Company MN now owns 37,019 shares of the industrial products company’s stock valued at $1,049,000 after buying an additional 4,682 shares in the last quarter. 81.42% of the stock is owned by institutional investors.

In other news, VP James F. Petelle sold 1,237 shares of Insteel Industries stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $31.38, for a total value of $38,817.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.70% of the company’s stock.

Shares of Insteel Industries Inc (IIIN) opened at $29.78 on Friday. Insteel Industries Inc has a one year low of $23.20 and a one year high of $38.69. The firm has a market capitalization of $566.47, a price-to-earnings ratio of 25.87 and a beta of 2.01.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The firm had revenue of $97.74 million during the quarter, compared to analyst estimates of $94.90 million. During the same period in the previous year, the firm posted $0.23 earnings per share. The company’s quarterly revenue was up 4.1% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 16th will be paid a $0.03 dividend. The ex-dividend date is Thursday, March 15th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.40%. Insteel Industries’s payout ratio is presently 8.76%.

IIIN has been the subject of a number of research reports. TheStreet raised Insteel Industries from a “c+” rating to a “b-” rating in a research note on Wednesday, January 17th. Sidoti initiated coverage on Insteel Industries in a research note on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective for the company. Finally, BidaskClub cut Insteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday.

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Insteel Industries 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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