Virginia Retirement Systems ET AL Sells 2,100 Shares of Insteel Industries Inc (IIIN)
Virginia Retirement Systems ET AL trimmed its holdings in shares of Insteel Industries Inc (NASDAQ:IIIN) by 9.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,800 shares of the industrial products company’s stock after selling 2,100 shares during the period. Virginia Retirement Systems ET AL’s holdings in Insteel Industries were worth $710,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Oppenheimer & Co. Inc. grew its stake in Insteel Industries by 15.9% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 25,450 shares of the industrial products company’s stock worth $850,000 after acquiring an additional 3,500 shares during the period. BlackRock Inc. grew its stake in Insteel Industries by 6.8% in the 2nd quarter. BlackRock Inc. now owns 2,510,170 shares of the industrial products company’s stock worth $83,838,000 after acquiring an additional 160,618 shares during the period. Schwab Charles Investment Management Inc. grew its stake in Insteel Industries by 10.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 95,450 shares of the industrial products company’s stock worth $3,189,000 after acquiring an additional 9,375 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Insteel Industries in the 3rd quarter worth approximately $485,000. Finally, Alps Advisors Inc. purchased a new stake in Insteel Industries in the 3rd quarter worth approximately $473,000. 78.20% of the stock is owned by institutional investors and hedge funds.
Separately, BidaskClub cut shares of Insteel Industries from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th.
IIIN stock opened at $27.37 on Monday. The company has a market capitalization of $526.12 million, a price-to-earnings ratio of 16.39 and a beta of 2.44. Insteel Industries Inc has a one year low of $24.51 and a one year high of $43.78.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, October 18th. The industrial products company reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.07). The firm had revenue of $121.40 million during the quarter, compared to analysts’ expectations of $130.38 million. Insteel Industries had a return on equity of 14.20% and a net margin of 8.00%. The firm’s revenue was up 25.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, December 14th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.44%.
COPYRIGHT VIOLATION WARNING: This piece was published by Daily Political and is the sole property of of Daily Political. If you are accessing this piece on another website, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this piece can be accessed at https://www.dailypolitical.com/2018/11/19/virginia-retirement-systems-et-al-sells-2100-shares-of-insteel-industries-inc-iiin.html.
Insteel Industries Company Profile
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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.
Featured Story: What is dollar cost averaging (DCA)?
Want to see what other hedge funds are holding IIIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Insteel Industries Inc (NASDAQ:IIIN).
Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.