Public Employees Retirement System of Ohio Raises Stake in Insteel Industries, Inc. (NASDAQ:IIIN)

Public Employees Retirement System of Ohio grew its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 22.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,090 shares of the industrial products company’s stock after acquiring an additional 2,014 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.06% of Insteel Industries worth $345,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Point72 Asset Management L.P. acquired a new position in Insteel Industries in the third quarter valued at approximately $34,000. Point72 DIFC Ltd purchased a new position in shares of Insteel Industries during the 3rd quarter worth $37,000. Quantbot Technologies LP acquired a new stake in shares of Insteel Industries during the 3rd quarter worth about $121,000. nVerses Capital LLC purchased a new stake in Insteel Industries in the 2nd quarter valued at about $121,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Insteel Industries by 100.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company’s stock valued at $175,000 after buying an additional 2,812 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Down 1.4 %

IIIN opened at $28.32 on Friday. Insteel Industries, Inc. has a 52 week low of $26.74 and a 52 week high of $39.38. The business has a fifty day simple moving average of $29.17 and a 200-day simple moving average of $30.72. The firm has a market cap of $550.88 million, a P/E ratio of 28.61, a P/E/G ratio of 2.21 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The business had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $140.40 million. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. Sell-side analysts expect that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, November 29th. Insteel Industries’s dividend payout ratio is presently 12.12%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

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.