Insteel Industries Inc (IIIN) Shares Sold by First Wilshire Securities Management Inc.

First Wilshire Securities Management Inc. lessened its holdings in Insteel Industries Inc (NASDAQ:IIIN) by 10.8% during the first quarter, HoldingsChannel reports. The firm owned 36,522 shares of the industrial products company’s stock after selling 4,430 shares during the quarter. First Wilshire Securities Management Inc.’s holdings in Insteel Industries were worth $1,009,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Oppenheimer & Co. Inc. boosted its holdings in shares of Insteel Industries by 266.9% in the 4th quarter. Oppenheimer & Co. Inc. now owns 30,450 shares of the industrial products company’s stock valued at $863,000 after purchasing an additional 22,150 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Insteel Industries by 58.9% during the 4th quarter. Franklin Resources Inc. now owns 1,225,720 shares of the industrial products company’s stock valued at $34,712,000 after acquiring an additional 454,320 shares in the last quarter. AlphaOne Investment Services LLC boosted its holdings in shares of Insteel Industries by 7.2% during the 4th quarter. AlphaOne Investment Services LLC now owns 149,074 shares of the industrial products company’s stock valued at $4,222,000 after acquiring an additional 10,022 shares in the last quarter. Citadel Advisors LLC boosted its holdings in shares of Insteel Industries by 44.8% during the 4th quarter. Citadel Advisors LLC now owns 104,959 shares of the industrial products company’s stock valued at $2,973,000 after acquiring an additional 32,457 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Insteel Industries by 18.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 57,847 shares of the industrial products company’s stock valued at $1,639,000 after acquiring an additional 9,080 shares in the last quarter. 83.18% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Scot R. Jafroodi sold 5,591 shares of the stock in a transaction dated Thursday, May 24th. The shares were sold at an average price of $31.75, for a total value of $177,514.25. Following the completion of the sale, the insider now directly owns 24,666 shares in the company, valued at $783,145.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP James F. Petelle sold 1,634 shares of the stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $32.00, for a total transaction of $52,288.00. Following the completion of the sale, the vice president now owns 16,532 shares of the company’s stock, valued at $529,024. The disclosure for this sale can be found here. 5.70% of the stock is owned by corporate insiders.

Several equities research analysts recently weighed in on IIIN shares. BidaskClub downgraded Insteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 24th. Sidoti raised Insteel Industries from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Wednesday, April 11th.

Insteel Industries opened at $32.51 on Thursday, according to MarketBeat.com. The firm has a market cap of $624.90 million, a P/E ratio of 30.64 and a beta of 2.00. Insteel Industries Inc has a twelve month low of $23.20 and a twelve month high of $34.32.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Monday, April 23rd. The industrial products company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.16). The business had revenue of $107.40 million during the quarter, compared to analyst estimates of $107.30 million. Insteel Industries had a net margin of 6.18% and a return on equity of 9.36%. Insteel Industries’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company earned $0.39 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date is Thursday, June 14th.

Insteel Industries Company Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.

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

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