Pacer Advisors Inc. Sells 226,900 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Pacer Advisors Inc. cut its holdings in Insteel Industries, Inc. (NASDAQ:IIIN - Free Report) by 34.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 435,875 shares of the industrial products company's stock after selling 226,900 shares during the period. Pacer Advisors Inc. owned about 2.24% of Insteel Industries worth $11,773,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its stake in Insteel Industries by 4.9% in the third quarter. State Street Corp now owns 761,492 shares of the industrial products company's stock valued at $23,675,000 after purchasing an additional 35,859 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Insteel Industries by 0.8% during the third quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company's stock worth $13,523,000 after acquiring an additional 3,612 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Insteel Industries by 132.7% during the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company's stock worth $12,678,000 after acquiring an additional 232,514 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Insteel Industries by 43.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 145,264 shares of the industrial products company's stock worth $4,516,000 after acquiring an additional 43,846 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Insteel Industries by 4.8% during the third quarter. Victory Capital Management Inc. now owns 84,767 shares of the industrial products company's stock worth $2,635,000 after acquiring an additional 3,886 shares in the last quarter. 83.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insteel Industries Price Performance

Shares of NASDAQ:IIIN traded down $0.44 during trading on Friday, hitting $28.82. 621,602 shares of the company were exchanged, compared to its average volume of 159,992. Insteel Industries, Inc. has a 52-week low of $23.60 and a 52-week high of $38.40. The company has a market cap of $559.97 million, a PE ratio of 29.11, a P/E/G ratio of 1.82 and a beta of 1.14. The stock has a 50 day moving average of $28.08 and a 200 day moving average of $29.94.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. 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 business posted $0.06 EPS. The company's quarterly revenue was up 6.5% on a year-over-year basis. Sell-side analysts forecast that Insteel Industries, Inc. will post 1.33 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a $0.03 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.42%. Insteel Industries's dividend payout ratio (DPR) is presently 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.