Oppenheimer & Co. Inc. Reduces Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Co. Inc. decreased its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 1.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 266,849 shares of the industrial products company’s stock after selling 4,827 shares during the period. Oppenheimer & Co. Inc.’s holdings in Insteel Industries were worth $7,208,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in Insteel Industries by 36.5% in the 4th quarter. Bank of New York Mellon Corp now owns 251,547 shares of the industrial products company’s stock worth $6,794,000 after buying an additional 67,244 shares during the period. Cardinal Capital Management lifted its position in shares of Insteel Industries by 6.7% during the fourth quarter. Cardinal Capital Management now owns 36,610 shares of the industrial products company’s stock worth $989,000 after acquiring an additional 2,292 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Insteel Industries by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 94,603 shares of the industrial products company’s stock worth $2,555,000 after acquiring an additional 2,746 shares during the period. Rhumbline Advisers grew its position in shares of Insteel Industries by 8.7% in the fourth quarter. Rhumbline Advisers now owns 59,227 shares of the industrial products company’s stock valued at $1,600,000 after purchasing an additional 4,716 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its position in shares of Insteel Industries by 16.8% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 17,765 shares of the industrial products company’s stock valued at $480,000 after purchasing an additional 2,558 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Shares of IIIN opened at $27.92 on Friday. Insteel Industries, Inc. has a 52-week low of $23.60 and a 52-week high of $38.40. The stock’s 50-day simple moving average is $27.97 and its 200 day simple moving average is $29.53. The stock has a market capitalization of $542.59 million, a price-to-earnings ratio of 28.21, a price-to-earnings-growth ratio of 1.81 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The firm had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. On average, research analysts forecast that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.43%. The ex-dividend date is Friday, March 14th. Insteel Industries’s payout ratio is 12.12%.

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 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.