Pacer Advisors Inc. Decreases Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Key Points

• Pacer Advisors Inc. reduced its holdings in Insteel Industries by 71.6% during Q1, now owning approximately 123,616 shares valued at $3.25 million.
• Insteel reported $0.78 earnings per share for the last quarter, beating estimates by $0.09 and showing a year-over-year revenue increase of 23.4%.
• The company announced a quarterly dividend of $0.03 per share, yielding 0.33%, with a payout ratio of 7.50%.

Pacer Advisors Inc. cut its stake in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 71.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,616 shares of the industrial products company's stock after selling 312,259 shares during the period. Pacer Advisors Inc. owned 0.64% of Insteel Industries worth $3,251,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in IIIN. American Century Companies Inc. boosted its holdings in shares of Insteel Industries by 1.1% during the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company's stock worth $14,518,000 after buying an additional 5,935 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Insteel Industries during the 4th quarter worth approximately $97,000. Vanguard Group Inc. boosted its holdings in shares of Insteel Industries by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company's stock worth $33,523,000 after buying an additional 41,908 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Insteel Industries by 131.4% during the 4th quarter. JPMorgan Chase & Co. now owns 32,541 shares of the industrial products company's stock worth $879,000 after buying an additional 18,480 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Insteel Industries by 36.3% during the 4th quarter. Wells Fargo & Company MN now owns 9,977 shares of the industrial products company's stock worth $269,000 after buying an additional 2,656 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Performance

Shares of Insteel Industries stock traded down $0.75 on Friday, reaching $35.35. 49,158 shares of the company's stock were exchanged, compared to its average volume of 163,461. The company has a market capitalization of $686.14 million, a P/E ratio of 35.71, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72. Insteel Industries, Inc. has a 52 week low of $22.49 and a 52 week high of $41.64. The firm's 50-day moving average is $36.63 and its two-hundred day moving average is $31.96.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued its earnings results 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 in the previous year, the company posted $0.34 EPS. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. On average, analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, June 13th. Insteel Industries's dividend payout ratio is presently 7.50%.

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.