Cubist Systematic Strategies LLC Sells 51,252 Shares of Insteel Industries, Inc. $IIIN

Key Points

• Cubist Systematic Strategies LLC significantly reduced its stake in Insteel Industries by 78.1%, selling 51,252 shares and retaining only 14,341 shares valued at $377,000.
• Insteel Industries declared a quarterly dividend of $0.03 per share, payable on September 26th, reflecting a 0.3% annual yield.
• The company reported earnings of $0.78 per share, surpassing analysts' expectations, and its quarterly revenue rose by 23.4% year-over-year.

Cubist Systematic Strategies LLC decreased its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 78.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,341 shares of the industrial products company's stock after selling 51,252 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.07% of Insteel Industries worth $377,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in IIIN. CWM LLC boosted its position in Insteel Industries by 150.9% during the first quarter. CWM LLC now owns 4,744 shares of the industrial products company's stock worth $125,000 after purchasing an additional 2,853 shares during the period. State of Wyoming boosted its holdings in Insteel Industries by 76.4% in the 4th quarter. State of Wyoming now owns 5,554 shares of the industrial products company's stock worth $150,000 after buying an additional 2,406 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in Insteel Industries in the 1st quarter worth approximately $200,000. Jump Financial LLC bought a new position in Insteel Industries in the 1st quarter worth approximately $235,000. Finally, BNP Paribas Financial Markets boosted its holdings in Insteel Industries by 67.7% in the 4th quarter. BNP Paribas Financial Markets now owns 9,869 shares of the industrial products company's stock worth $267,000 after buying an additional 3,984 shares during the period. Institutional investors own 83.27% of the company's stock.

Insteel Industries Stock Down 0.6%

IIIN traded down $0.24 on Wednesday, hitting $38.25. The company's stock had a trading volume of 123,748 shares, compared to its average volume of 151,906. Insteel Industries, Inc. has a 12 month low of $22.49 and a 12 month high of $41.64. The company's 50 day simple moving average is $37.52 and its 200-day simple moving average is $34.05. The firm has a market cap of $742.49 million, a P/E ratio of 38.64, a price-to-earnings-growth ratio of 1.81 and a beta of 0.78.

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

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.03 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.12 annualized dividend and a yield of 0.3%. Insteel Industries's dividend payout ratio (DPR) is currently 7.50%.

Insider Activity at Insteel Industries

In other news, SVP James R. York sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $38.50, for a total value of $115,500.00. Following the completion of the transaction, the senior vice president directly owned 9,443 shares in the company, valued at approximately $363,555.50. This trade represents a 24.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.00% of the company's stock.

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.