Russell Investments Group Ltd. decreased its position in shares of Insteel Industries Inc (NASDAQ:IIIN) by 46.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,650 shares of the industrial products company’s stock after selling 17,700 shares during the period. Russell Investments Group Ltd. owned about 0.11% of Insteel Industries worth $539,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. grew its stake in shares of Insteel Industries by 42.9% during the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after purchasing an additional 211,900 shares during the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of Insteel Industries during the second quarter valued at approximately $254,000. Rhumbline Advisers grew its stake in shares of Insteel Industries by 25.1% during the third quarter. Rhumbline Advisers now owns 67,137 shares of the industrial products company’s stock valued at $1,753,000 after purchasing an additional 13,455 shares during the last quarter. Epoch Investment Partners Inc. grew its stake in shares of Insteel Industries by 2.4% during the second quarter. Epoch Investment Partners Inc. now owns 515,569 shares of the industrial products company’s stock valued at $16,998,000 after purchasing an additional 12,008 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Insteel Industries by 1.0% during the second quarter. Vanguard Group Inc. now owns 1,161,064 shares of the industrial products company’s stock valued at $38,280,000 after purchasing an additional 11,906 shares during the last quarter. 81.03% of the stock is owned by institutional investors.
Insteel Industries Inc (NASDAQ:IIIN) opened at $31.64 on Friday. Insteel Industries Inc has a 52 week low of $23.20 and a 52 week high of $39.20. The stock has a market cap of $602.46, a P/E ratio of 27.04 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The business had revenue of $96.89 million during the quarter, compared to the consensus estimate of $96.25 million. During the same period in the previous year, the business posted $0.51 earnings per share. Insteel Industries’s revenue was down 6.0% compared to the same quarter last year.
IIIN has been the topic of a number of recent research reports. Sidoti cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Thursday. TheStreet cut shares of Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total value of $27,110.00. Following the sale, the vice president now directly owns 14,788 shares in the company, valued at $400,902.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.70% of the stock is currently owned by company insiders.
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Insteel Industries 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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