Insteel Industries, Inc. $IIIN Stock Holdings Cut by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has reduced its holdings in Insteel Industries by 22.5%, owning 58,055 shares after selling 16,834 shares in the first quarter of 2023.
• Insteel Industries announced a quarterly dividend of $0.03, to be paid on September 26th, with a dividend yield of 0.3% and a payout ratio of 7.50%.
• The company's latest earnings report showed an EPS of $0.78, exceeding analysts' expectations by $0.09, and reflected a 23.4% year-over-year revenue growth.

Goldman Sachs Group Inc. trimmed its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 22.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 58,055 shares of the industrial products company's stock after selling 16,834 shares during the quarter. Goldman Sachs Group Inc. owned about 0.30% of Insteel Industries worth $1,527,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Strs Ohio bought a new position in Insteel Industries in the 1st quarter worth approximately $466,000. Dynamic Technology Lab Private Ltd bought a new position in Insteel Industries in the 1st quarter worth approximately $225,000. NFJ Investment Group LLC bought a new position in Insteel Industries in the 1st quarter worth approximately $1,456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Insteel Industries by 44.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 989,138 shares of the industrial products company's stock worth $26,014,000 after buying an additional 304,671 shares in the last quarter. Finally, Invenomic Capital Management LP grew its holdings in Insteel Industries by 63.4% in the 1st quarter. Invenomic Capital Management LP now owns 351,653 shares of the industrial products company's stock worth $9,248,000 after buying an additional 136,494 shares in the last quarter. 83.27% of the stock is owned by institutional investors.

Insteel Industries Price Performance

IIIN stock traded up $0.26 on Tuesday, reaching $39.07. The company's stock had a trading volume of 1,468 shares, compared to its average volume of 150,677. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week high of $41.64. The company has a market capitalization of $758.25 million, a P/E ratio of 39.46, a price-to-earnings-growth ratio of 1.81 and a beta of 0.78. The firm has a fifty day moving average of $37.49 and a two-hundred day moving average of $34.40.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The industrial products company reported $0.78 earnings per share (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 business posted $0.34 earnings per share. Insteel Industries's quarterly revenue was up 23.4% on a year-over-year basis. As a group, equities analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

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

Insider Transactions at Insteel Industries

In other Insteel Industries news, SVP James R. York sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $38.50, for a total transaction of $115,500.00. Following the completion of the transaction, the senior vice president directly owned 9,443 shares of the company's stock, valued at approximately $363,555.50. This trade represents a 24.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.00% of the company's stock.

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.