Epoch Investment Partners Inc. Grows Position in Insteel Industries Inc (IIIN)
Epoch Investment Partners Inc. lifted its position in shares of Insteel Industries Inc (NASDAQ:IIIN) by 16.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 598,363 shares of the industrial products company’s stock after purchasing an additional 82,794 shares during the quarter. Epoch Investment Partners Inc. owned about 3.14% of Insteel Industries worth $15,624,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Stifel Financial Corp bought a new stake in shares of Insteel Industries during the third quarter valued at approximately $204,000. Formula Growth Ltd. bought a new stake in shares of Insteel Industries during the third quarter valued at approximately $615,000. Dimensional Fund Advisors LP boosted its position in shares of Insteel Industries by 1.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,314,319 shares of the industrial products company’s stock valued at $34,317,000 after purchasing an additional 17,055 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Insteel Industries by 36.7% during the third quarter. Wells Fargo & Company MN now owns 32,337 shares of the industrial products company’s stock valued at $844,000 after purchasing an additional 8,689 shares in the last quarter. Finally, Citadel Advisors LLC boosted its holdings in Insteel Industries by 343.1% in the third quarter. Citadel Advisors LLC now owns 72,502 shares of the industrial products company’s stock worth $1,893,000 after acquiring an additional 56,139 shares in the last quarter. Institutional investors own 81.06% of the company’s stock.
Several equities research analysts have commented on the company. TheStreet downgraded Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Longbow Research downgraded Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. Finally, BidaskClub downgraded Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold”.
Shares of Insteel Industries Inc (NASDAQ IIIN) opened at $26.51 on Thursday. Insteel Industries Inc has a 1-year low of $23.20 and a 1-year high of $39.89. The company has a market capitalization of $519.82, a price-to-earnings ratio of 23.58 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company had revenue of $96.89 million during the quarter, compared to the consensus estimate of $96.25 million. During the same period last year, the firm posted $0.51 earnings per share. The company’s revenue was down 6.0% compared to the same quarter last year.
The business also recently announced a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a $1.00 dividend. This represents a yield of 0.44%. The ex-dividend date of this dividend is Tuesday, December 19th. Insteel Industries’s dividend payout ratio (DPR) is 10.26%.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the sale, the vice president now directly owns 14,788 shares of the company’s stock, valued at $400,902.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.70% of the company’s stock.
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Insteel Industries Company Profile
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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