Cerity Partners LLC Acquires Shares of 143,673 Insteel Industries, Inc. (NASDAQ:IIIN)

Cerity Partners LLC acquired a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 143,673 shares of the industrial products company's stock, valued at approximately $5,501,000. Cerity Partners LLC owned approximately 0.74% of Insteel Industries as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of IIIN. Point72 Hong Kong Ltd purchased a new position in shares of Insteel Industries in the second quarter worth about $38,000. Qube Research & Technologies Ltd acquired a new stake in shares of Insteel Industries in the third quarter worth $70,000. Public Employees Retirement System of Ohio purchased a new position in shares of Insteel Industries during the second quarter worth $72,000. Allspring Global Investments Holdings LLC lifted its position in Insteel Industries by 80.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company's stock valued at $73,000 after purchasing an additional 1,006 shares during the period. Finally, UBS Group AG boosted its holdings in Insteel Industries by 182.5% in the third quarter. UBS Group AG now owns 2,822 shares of the industrial products company's stock valued at $75,000 after purchasing an additional 1,823 shares during the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Insteel Industries

In other news, COO Richard Wagner sold 1,715 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the sale, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.60% of the company's stock.

Insteel Industries Trading Down 1.2 %

IIIN traded down $0.39 during midday trading on Wednesday, hitting $32.77. 87,554 shares of the company were exchanged, compared to its average volume of 87,072. The firm has a market capitalization of $637.38 million, a price-to-earnings ratio of 28.50, a price-to-earnings-growth ratio of 2.19 and a beta of 1.14. The company's 50 day simple moving average is $35.78 and its 200 day simple moving average is $34.51. Insteel Industries, Inc. has a 1-year low of $25.44 and a 1-year high of $39.38.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its earnings results on Thursday, January 18th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.06). Insteel Industries had a return on equity of 6.16% and a net margin of 3.71%. The company had revenue of $121.80 million for the quarter, compared to analyst estimates of $130.07 million. During the same period last year, the business earned $0.44 earnings per share. The firm's revenue was down 27.0% on a year-over-year basis. On average, equities analysts anticipate that Insteel Industries, Inc. will post 1.3 EPS for the current year.

Insteel Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.03 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.37%. Insteel Industries's dividend payout ratio (DPR) is currently 10.43%.

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.