Rhumbline Advisers increased its stake in Insteel Industries Inc (NASDAQ:IIIN) by 25.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,137 shares of the industrial products company’s stock after purchasing an additional 13,455 shares during the period. Rhumbline Advisers owned approximately 0.35% of Insteel Industries worth $1,753,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IIIN. Russell Investments Group Ltd. boosted its stake in Insteel Industries by 18.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock worth $1,264,000 after purchasing an additional 5,854 shares during the period. Great West Life Assurance Co. Can boosted its stake in Insteel Industries by 6.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock worth $868,000 after purchasing an additional 1,600 shares during the period. Texas Permanent School Fund boosted its stake in Insteel Industries by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 134 shares during the period. Sei Investments Co. boosted its stake in shares of Insteel Industries by 970.9% during the 2nd quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock worth $450,000 after buying an additional 12,369 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Insteel Industries by 1.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock worth $2,525,000 after buying an additional 987 shares during the last quarter. 81.06% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Inc (NASDAQ:IIIN) opened at $27.17 on Wednesday. Insteel Industries Inc has a one year low of $23.20 and a one year high of $39.20. The company has a market cap of $519.06, a PE ratio of 23.10 and a beta of 2.11.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing the Zacks’ 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 business had revenue of $96.89 million for the quarter, compared to analyst estimates of $96.25 million. During the same quarter in the prior year, the company earned $0.51 earnings per share. The company’s quarterly revenue was down 6.0% on a year-over-year basis.

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

A number of equities analysts have recently commented on the stock. BidaskClub downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Longbow Research downgraded shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th. Finally, TheStreet downgraded shares of Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold”.

In other news, VP James F. Petelle sold 1,000 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total transaction of $27,110.00. Following the completion of the transaction, the vice president now directly owns 14,788 shares in the company, valued at approximately $400,902.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 5.70% of the company’s stock.

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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).

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

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