Insteel Industries, Inc. (NASDAQ:IIIN) Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP reduced its stake in Insteel Industries by 7.4% in the first quarter, now holding 753,422 shares valued at approximately $19.8 million.
• Insteel Industries reported a 23.4% increase in quarterly revenue year-over-year, achieving earnings of $0.78 per share, exceeding analysts' expectations.
• The company has a market cap of $711.38 million and recently announced a quarterly dividend of $0.03, translating to a yield of 0.33%.

Royce & Associates LP decreased its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 7.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 753,422 shares of the industrial products company's stock after selling 60,313 shares during the period. Royce & Associates LP owned about 3.88% of Insteel Industries worth $19,815,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in shares of Insteel Industries in the 4th quarter worth about $929,000. Quantbot Technologies LP increased its position in shares of Insteel Industries by 106.5% in the 4th quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company's stock worth $216,000 after purchasing an additional 4,130 shares during the last quarter. American Century Companies Inc. increased its position in shares of Insteel Industries by 1.1% in the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company's stock worth $14,518,000 after purchasing an additional 5,935 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Insteel Industries in the 4th quarter worth about $97,000. Finally, Vanguard Group Inc. increased its position in shares of Insteel Industries by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company's stock worth $33,523,000 after purchasing an additional 41,908 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company's stock.

Insteel Industries Stock Down 0.1%

Shares of IIIN traded down $0.02 during midday trading on Monday, hitting $36.55. The company had a trading volume of 32,395 shares, compared to its average volume of 165,054. The company's 50 day moving average price is $36.64 and its 200 day moving average price is $31.73. The stock has a market cap of $709.44 million, a price-to-earnings ratio of 36.92, a PEG 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.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last released its earnings results on Thursday, July 17th. The industrial products company reported $0.78 earnings per share for the quarter, topping 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 in the prior year, the company posted $0.34 earnings per share. Insteel Industries's revenue was up 23.4% compared to the same quarter last year. Equities analysts anticipate 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 was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend was Friday, June 13th. Insteel Industries's dividend payout ratio (DPR) 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.