Bank of New York Mellon Corp Has $6.20 Million Stock Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Bank of New York Mellon Corp cut its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 200,272 shares of the industrial products company’s stock after selling 1,203 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.03% of Insteel Industries worth $6,200,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of IIIN. StoneX Group Inc. increased its position in Insteel Industries by 0.9% during the first quarter. StoneX Group Inc. now owns 44,303 shares of the industrial products company’s stock worth $1,693,000 after buying an additional 395 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in Insteel Industries by 9.8% during the first quarter. Illinois Municipal Retirement Fund now owns 11,871 shares of the industrial products company’s stock worth $454,000 after buying an additional 1,059 shares during the last quarter. Unison Advisors LLC increased its position in Insteel Industries by 6.9% during the first quarter. Unison Advisors LLC now owns 17,430 shares of the industrial products company’s stock worth $666,000 after buying an additional 1,128 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in shares of Insteel Industries in the fourth quarter valued at about $44,000. Finally, Linden Thomas Advisory Services LLC grew its position in shares of Insteel Industries by 10.1% in the second quarter. Linden Thomas Advisory Services LLC now owns 12,887 shares of the industrial products company’s stock valued at $399,000 after purchasing an additional 1,180 shares during the last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.

Insteel Industries Stock Performance

Shares of NASDAQ:IIIN opened at $30.42 on Thursday. The company has a market cap of $592.43 million, a P/E ratio of 24.53, a P/E/G ratio of 2.63 and a beta of 1.11. The stock’s 50-day moving average is $32.23 and its 200-day moving average is $33.11. Insteel Industries, Inc. has a 52-week low of $26.86 and a 52-week high of $39.38.

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

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Friday, September 13th. Insteel Industries’s dividend payout ratio is currently 9.68%.

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.