Bank of New York Mellon Corp Decreases Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Bank of New York Mellon Corp trimmed its holdings in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 5.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 238,865 shares of the industrial products company's stock after selling 12,682 shares during the period. Bank of New York Mellon Corp owned approximately 1.23% of Insteel Industries worth $6,282,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Captrust Financial Advisors boosted its position in shares of Insteel Industries by 0.3% during the 4th quarter. Captrust Financial Advisors now owns 136,998 shares of the industrial products company's stock worth $3,700,000 after purchasing an additional 390 shares during the period. MetLife Investment Management LLC grew its stake in shares of Insteel Industries by 8.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,482 shares of the industrial products company's stock valued at $310,000 after buying an additional 902 shares in the last quarter. Robotti Robert grew its stake in shares of Insteel Industries by 0.4% in the fourth quarter. Robotti Robert now owns 299,245 shares of the industrial products company's stock valued at $8,083,000 after buying an additional 1,110 shares in the last quarter. Cardinal Capital Management grew its stake in shares of Insteel Industries by 3.5% in the first quarter. Cardinal Capital Management now owns 37,881 shares of the industrial products company's stock valued at $996,000 after buying an additional 1,271 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Insteel Industries by 4.2% during the 4th quarter. Barclays PLC now owns 33,767 shares of the industrial products company's stock valued at $912,000 after acquiring an additional 1,376 shares during the period. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Trading Up 2.4%

Insteel Industries stock traded up $0.87 during midday trading on Friday, reaching $36.65. 133,301 shares of the stock traded hands, compared to its average volume of 166,036. The company has a 50-day simple moving average of $36.64 and a two-hundred day simple moving average of $31.69. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $41.64. The firm has a market cap of $711.38 million, a PE ratio of 37.02, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The industrial products company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. During the same period last year, the business earned $0.34 earnings per share. The company's revenue was up 23.4% on a year-over-year basis. Equities research analysts anticipate that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a $0.03 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.33%. Insteel Industries's dividend payout ratio (DPR) is presently 7.50%.

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.