Insteel Industries, Inc. $IIIN Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. reduced its stake in Insteel Industries by 12% in the 1st quarter, owning 472,937 shares worth approximately $12.4 million.
• Insteel Industries reported a quarterly EPS of $0.78, exceeding analysts' expectations of $0.69, with a revenue increase of 23.4% year-over-year.
• The company announced a quarterly dividend of $0.03 per share, which will be paid on September 26, reflecting an annual yield of 0.3%.

American Century Companies Inc. decreased its holdings in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 472,937 shares of the industrial products company's stock after selling 64,558 shares during the quarter. American Century Companies Inc. owned 2.44% of Insteel Industries worth $12,438,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Invenomic Capital Management LP bought a new stake in shares of Insteel Industries during the 4th quarter worth $5,811,000. Hsbc Holdings PLC acquired a new position in shares of Insteel Industries in the 4th quarter valued at $4,527,000. Charles Schwab Investment Management Inc. increased its stake in Insteel Industries by 36.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 253,706 shares of the industrial products company's stock worth $6,672,000 after purchasing an additional 67,422 shares in the last quarter. Vanguard Group Inc. raised its holdings in Insteel Industries by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 1,308,508 shares of the industrial products company's stock worth $34,414,000 after buying an additional 67,377 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new stake in Insteel Industries during the first quarter valued at about $1,628,000. Institutional investors own 83.27% of the company's stock.

Insteel Industries Price Performance

Insteel Industries stock opened at $38.50 on Tuesday. Insteel Industries, Inc. has a fifty-two week low of $22.49 and a fifty-two week high of $41.64. The firm's 50 day simple moving average is $37.04 and its 200-day simple moving average is $33.07. The company has a market cap of $747.29 million, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 1.81 and a beta of 0.74.

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, topping analysts' consensus estimates 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 posted $0.34 earnings per share. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. On average, analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Announces Dividend

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

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.

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