Jacobs Levy Equity Management Inc. Sells 7,923 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Jacobs Levy Equity Management Inc. reduced its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 8.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,790 shares of the industrial products company’s stock after selling 7,923 shares during the period. Jacobs Levy Equity Management Inc. owned 0.42% of Insteel Industries worth $3,126,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of Insteel Industries during the first quarter worth about $1,717,000. First Eagle Investment Management LLC increased its position in shares of Insteel Industries by 41.9% during the fourth quarter. First Eagle Investment Management LLC now owns 248,927 shares of the industrial products company’s stock worth $9,531,000 after acquiring an additional 73,540 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Insteel Industries by 11.4% during the first quarter. Oppenheimer & Co. Inc. now owns 270,074 shares of the industrial products company’s stock worth $10,322,000 after acquiring an additional 27,553 shares in the last quarter. Linden Thomas Advisory Services LLC increased its position in shares of Insteel Industries by 26.5% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 9,931 shares of the industrial products company’s stock worth $380,000 after acquiring an additional 2,079 shares in the last quarter. Finally, Cerity Partners LLC bought a new stake in shares of Insteel Industries during the fourth quarter worth about $5,501,000. 83.27% of the stock is owned by institutional investors.

Insteel Industries Price Performance

Shares of NASDAQ:IIIN traded up $0.34 during midday trading on Wednesday, hitting $34.61. 35,079 shares of the company’s stock were exchanged, compared to its average volume of 100,446. The stock has a 50 day moving average price of $31.50 and a 200-day moving average price of $33.69. The company has a market cap of $672.82 million, a PE ratio of 32.83, a price-to-earnings-growth ratio of 2.87 and a beta of 1.11. Insteel Industries, Inc. has a 12 month low of $26.86 and a 12 month high of $39.38.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.09). Insteel Industries had a return on equity of 5.78% and a net margin of 3.67%. The firm had revenue of $145.80 million during the quarter, compared to the consensus estimate of $153.04 million. During the same period in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 12.0% on a year-over-year basis. On average, analysts anticipate that Insteel Industries, Inc. will post 0.99 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Friday, June 14th. Insteel Industries’s payout ratio is 9.68%.

About Insteel Industries

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.