Prudential Financial Inc. Reduces Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Prudential Financial Inc. reduced its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 4.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 19,827 shares of the industrial products company’s stock after selling 850 shares during the quarter. Prudential Financial Inc.’s holdings in Insteel Industries were worth $536,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new position in shares of Insteel Industries during the third quarter worth about $34,000. Point72 DIFC Ltd acquired a new stake in shares of Insteel Industries in the 3rd quarter valued at about $37,000. Smartleaf Asset Management LLC grew its stake in Insteel Industries by 535.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,970 shares of the industrial products company’s stock worth $53,000 after buying an additional 1,660 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Insteel Industries by 3,568.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock worth $69,000 after buying an additional 2,498 shares during the period. Finally, AlphaQuest LLC acquired a new position in Insteel Industries during the fourth quarter worth approximately $83,000. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Trading Down 0.5 %

IIIN stock opened at $23.75 on Wednesday. The company has a market capitalization of $461.39 million, a P/E ratio of 23.98, a PEG ratio of 1.81 and a beta of 0.94. The business has a 50 day simple moving average of $27.83 and a 200-day simple moving average of $28.35. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $37.32.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The business had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. During the same quarter last year, the company earned $0.06 EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Research analysts predict that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.51%. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

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.