Oppenheimer & Co. Inc. Sells 3,711 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Oppenheimer & Co. Inc. reduced its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 271,676 shares of the industrial products company’s stock after selling 3,711 shares during the quarter. Oppenheimer & Co. Inc. owned approximately 1.40% of Insteel Industries worth $8,446,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Isthmus Partners LLC lifted its position in shares of Insteel Industries by 6.8% during the second quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 6,665 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Insteel Industries in the 2nd quarter worth about $121,000. Allspring Global Investments Holdings LLC grew its position in Insteel Industries by 409.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock valued at $128,000 after acquiring an additional 2,685 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Insteel Industries by 8.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 585 shares during the last quarter. Finally, Hantz Financial Services Inc. purchased a new stake in Insteel Industries during the 2nd quarter valued at about $270,000. 83.27% of the stock is owned by institutional investors and hedge funds.

Insteel Industries Stock Performance

Shares of NASDAQ IIIN opened at $30.24 on Thursday. The company has a market capitalization of $588.17 million, a price-to-earnings ratio of 30.55, a P/E/G ratio of 2.20 and a beta of 1.12. The company has a 50 day simple moving average of $29.71 and a two-hundred day simple moving average of $31.25. Insteel Industries, Inc. has a fifty-two week low of $26.74 and a fifty-two week high of $39.38.

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

Insteel Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.03 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.12 annualized dividend and a yield of 0.40%. Insteel Industries’s payout ratio is 12.12%.

Analysts Set New Price Targets

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

Insteel Industries Company 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.