Oregon Public Employees Retirement Fund Sells 400 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Posted by Defense World Staff on Oct 24th, 2023

Oregon Public Employees Retirement Fund lessened its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN – Free Report) by 6.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,053 shares of the industrial products company’s stock after selling 400 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Insteel Industries were worth $188,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in Insteel Industries in the second quarter valued at approximately $38,000. UBS Group AG raised its stake in Insteel Industries by 182.5% in the third quarter. UBS Group AG now owns 2,822 shares of the industrial products company’s stock valued at $75,000 after buying an additional 1,823 shares during the period. Tower Research Capital LLC TRC raised its stake in Insteel Industries by 502.8% in the third quarter. Tower Research Capital LLC TRC now owns 3,056 shares of the industrial products company’s stock valued at $81,000 after buying an additional 2,549 shares during the period. Tower Research Capital LLC TRC raised its stake in Insteel Industries by 1,546.4% in the first quarter. Tower Research Capital LLC TRC now owns 3,441 shares of the industrial products company’s stock valued at $96,000 after buying an additional 3,232 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Insteel Industries by 48.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,791 shares of the industrial products company’s stock valued at $105,000 after buying an additional 1,242 shares during the period. Institutional investors own 80.99% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Insteel Industries in a research note on Thursday, October 5th. They issued a “hold” rating on the stock.

Read Our Latest Report on Insteel Industries

Insider Transactions at Insteel Industries

In other news, COO Richard Wagner sold 2,533 shares of the stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $30.70, for a total transaction of $77,763.10. Following the transaction, the chief operating officer now owns 41,065 shares in the company, valued at $1,260,695.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.40% of the stock is owned by corporate insiders.

Insteel Industries Stock Down 5.2 %

NASDAQ:IIIN opened at $27.91 on Tuesday. The firm has a market capitalization of $542.29 million, a price-to-earnings ratio of 16.81, a P/E/G ratio of 0.78 and a beta of 1.06. Insteel Industries, Inc. has a 12-month low of $24.42 and a 12-month high of $35.80. The stock’s 50 day moving average price is $32.52 and its two-hundred day moving average price is $31.13.

Insteel Industries (NASDAQ:IIIN – Get Free Report) last announced its earnings results on Thursday, October 19th. The industrial products company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.33). The firm had revenue of $157.52 million for the quarter, compared to the consensus estimate of $167.10 million. Insteel Industries had a return on equity of 8.04% and a net margin of 4.99%. During the same quarter last year, the business posted $1.24 EPS. Equities research analysts expect that Insteel Industries, Inc. will post 3.16 EPS for the current year.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.43%. Insteel Industries’s dividend payout ratio (DPR) is currently 7.23%.

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.