Pacer Advisors Inc. Acquires 22,543 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Pacer Advisors Inc. grew its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 3.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 662,775 shares of the industrial products company’s stock after buying an additional 22,543 shares during the period. Pacer Advisors Inc. owned 3.41% of Insteel Industries worth $20,606,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. First Eagle Investment Management LLC boosted its holdings in shares of Insteel Industries by 26.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after buying an additional 74,791 shares in the last quarter. UniSuper Management Pty Ltd purchased a new position in shares of Insteel Industries in the 1st quarter worth about $390,000. nVerses Capital LLC purchased a new position in shares of Insteel Industries in the 2nd quarter worth about $121,000. The Manufacturers Life Insurance Company raised its position in shares of Insteel Industries by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 585 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Insteel Industries by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock worth $14,480,000 after purchasing an additional 59,591 shares during the last quarter. Institutional investors own 83.27% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com lowered Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, October 26th.

Insteel Industries Price Performance

IIIN opened at $30.49 on Friday. The stock has a 50-day moving average price of $29.58 and a 200-day moving average price of $31.13. The firm has a market cap of $592.99 million, a PE ratio of 30.79, a P/E/G ratio of 2.22 and a beta of 1.12. Insteel Industries, Inc. has a 1 year low of $26.74 and a 1 year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. The business had revenue of $134.30 million during the quarter, compared to analyst estimates of $140.40 million. As a group, sell-side analysts anticipate that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Friday, November 29th. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

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.