TD Asset Management Inc Sells 4,000 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

TD Asset Management Inc lowered its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 7.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 46,500 shares of the industrial products company’s stock after selling 4,000 shares during the quarter. TD Asset Management Inc owned about 0.24% of Insteel Industries worth $1,440,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in IIIN. Dimensional Fund Advisors LP raised its holdings in shares of Insteel Industries by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,239,317 shares of the industrial products company’s stock worth $47,454,000 after acquiring an additional 7,809 shares during the period. Franklin Resources Inc. boosted its position in shares of Insteel Industries by 1.2% during the fourth quarter. Franklin Resources Inc. now owns 644,746 shares of the industrial products company’s stock worth $24,687,000 after buying an additional 7,505 shares during the period. First Eagle Investment Management LLC boosted its position in shares of Insteel Industries by 12.1% during the first quarter. First Eagle Investment Management LLC now owns 279,015 shares of the industrial products company’s stock worth $10,664,000 after buying an additional 30,088 shares during the period. Oppenheimer & Co. Inc. grew its holdings in shares of Insteel Industries by 11.4% during the first quarter. Oppenheimer & Co. Inc. now owns 270,074 shares of the industrial products company’s stock worth $10,322,000 after buying an additional 27,553 shares in the last quarter. Finally, Robotti Robert raised its position in Insteel Industries by 6.2% in the 1st quarter. Robotti Robert now owns 262,780 shares of the industrial products company’s stock valued at $10,043,000 after buying an additional 15,415 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Stock Performance

NASDAQ IIIN opened at $31.65 on Friday. The stock has a market capitalization of $615.28 million, a price-to-earnings ratio of 25.52, a PEG ratio of 2.56 and a beta of 1.11. Insteel Industries, Inc. has a 52 week low of $26.86 and a 52 week high of $39.38. The stock’s 50 day moving average price is $32.28 and its two-hundred day moving average price is $33.04.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.09). The business had revenue of $145.80 million during the quarter, compared to the consensus estimate of $153.04 million. Insteel Industries had a return on equity of 5.78% and a net margin of 3.67%. The business’s revenue for the quarter was down 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. On average, equities research analysts forecast that Insteel Industries, Inc. will post 0.99 EPS for the current year.

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. Insteel Industries’s dividend payout ratio is 9.68%.

Insteel Industries 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.