Insteel Industries, Inc. (NASDAQ:IIIN) Stock Position Cut by Bank of New York Mellon Corp

Posted by Defense World Staff on Sep 5th, 2023

Bank of New York Mellon Corp decreased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 259,280 shares of the industrial products company’s stock after selling 4,977 shares during the period. Bank of New York Mellon Corp owned approximately 1.33% of Insteel Industries worth $7,213,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IIIN. Isthmus Partners LLC increased its stake in shares of Insteel Industries by 1.6% during the fourth quarter. Isthmus Partners LLC now owns 64,990 shares of the industrial products company’s stock valued at $1,789,000 after acquiring an additional 1,005 shares during the period. Barnett & Company Inc. boosted its stake in Insteel Industries by 33.3% during the 1st quarter. Barnett & Company Inc. now owns 45,600 shares of the industrial products company’s stock valued at $1,269,000 after purchasing an additional 11,400 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Insteel Industries during the 4th quarter valued at $1,928,000. Integrated Wealth Concepts LLC bought a new stake in shares of Insteel Industries in the 1st quarter worth $210,000. Finally, TD Asset Management Inc lifted its holdings in shares of Insteel Industries by 26.9% in the fourth quarter. TD Asset Management Inc now owns 45,300 shares of the industrial products company’s stock valued at $1,247,000 after buying an additional 9,600 shares during the period. 80.99% of the stock is currently owned by institutional investors.

Insteel Industries Price Performance

NASDAQ IIIN opened at $35.72 on Tuesday. The company has a market capitalization of $694.04 million, a P/E ratio of 13.69 and a beta of 1.06. Insteel Industries, Inc. has a 12 month low of $24.00 and a 12 month high of $35.80. The company’s 50 day simple moving average is $31.65 and its 200 day simple moving average is $30.03.

Insteel Industries (NASDAQ:IIIN – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.13). The company had revenue of $165.71 million during the quarter. Insteel Industries had a net margin of 7.30% and a return on equity of 13.00%.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.03 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.34%. Insteel Industries’s dividend payout ratio (DPR) is 4.60%.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on Insteel Industries in a report on Thursday, August 17th. They set a “hold” rating on the stock.

Read Our Latest Research Report on IIIN

Insider Buying and Selling

In other Insteel Industries news, COO Richard Wagner sold 2,628 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $31.51, for a total transaction of $82,808.28. Following the completion of the sale, the chief operating officer now directly owns 43,598 shares of the company’s stock, valued at $1,373,772.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.40% of the stock is currently owned by company insiders.

About Insteel Industries

(Free Report)

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.