Hennion & Walsh Asset Management Inc. Sells 6,903 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Hennion & Walsh Asset Management Inc. cut its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 44.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,687 shares of the industrial products company’s stock after selling 6,903 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Insteel Industries were worth $332,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Cardinal Capital Management grew its holdings in shares of Insteel Industries by 1.7% in the fourth quarter. Cardinal Capital Management now owns 24,031 shares of the industrial products company’s stock worth $920,000 after acquiring an additional 395 shares during the period. Quadrature Capital Ltd grew its stake in shares of Insteel Industries by 5.7% during the 3rd quarter. Quadrature Capital Ltd now owns 8,408 shares of the industrial products company’s stock valued at $273,000 after purchasing an additional 455 shares during the period. Unison Advisors LLC increased its position in shares of Insteel Industries by 6.9% during the 1st quarter. Unison Advisors LLC now owns 17,430 shares of the industrial products company’s stock valued at $666,000 after purchasing an additional 1,128 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in shares of Insteel Industries during the 4th quarter valued at about $44,000. Finally, New York State Common Retirement Fund lifted its stake in shares of Insteel Industries by 3.8% in the 4th quarter. New York State Common Retirement Fund now owns 36,582 shares of the industrial products company’s stock worth $1,401,000 after purchasing an additional 1,336 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Down 0.6 %

Shares of NASDAQ IIIN opened at $30.18 on Thursday. Insteel Industries, Inc. has a 12-month low of $26.86 and a 12-month high of $39.38. The firm has a market capitalization of $587.91 million, a price-to-earnings ratio of 24.34, a price-to-earnings-growth ratio of 1.66 and a beta of 1.11. The firm has a 50 day moving average of $31.80 and a 200 day moving average of $34.42.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. The firm had revenue of $127.40 million during the quarter, compared to the consensus estimate of $134.89 million. During the same quarter in the previous year, the firm posted $0.26 EPS. The company’s revenue for the quarter was down 19.9% compared to the same quarter last year. Sell-side analysts predict that Insteel Industries, Inc. will post 1.55 EPS for the current year.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Friday, June 14th. Insteel Industries’s payout ratio is 9.68%.

About Insteel Industries

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.