Millennium Management LLC Cuts Holdings in Insteel Industries Inc (IIIN)

Millennium Management LLC lowered its position in Insteel Industries Inc (NASDAQ:IIIN) by 49.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,011 shares of the industrial products company’s stock after selling 123,714 shares during the quarter. Millennium Management LLC owned approximately 0.66% of Insteel Industries worth $3,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Montreal Can boosted its stake in shares of Insteel Industries by 284.8% during the fourth quarter. Bank of Montreal Can now owns 1,543 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 1,142 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Insteel Industries by 74.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,520 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 1,077 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Insteel Industries during the fourth quarter valued at approximately $102,000. Value Holdings Management CO. LLC purchased a new stake in shares of Insteel Industries during the fourth quarter valued at approximately $146,000. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Insteel Industries by 370.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,292 shares of the industrial products company’s stock valued at $153,000 after purchasing an additional 4,954 shares during the period. 78.69% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently weighed in on IIIN shares. BidaskClub raised Insteel Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. Sidoti raised Insteel Industries from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Thursday, January 24th. Finally, TheStreet lowered Insteel Industries from a “b-” rating to a “c” rating in a research note on Thursday, January 17th.

NASDAQ:IIIN opened at $17.66 on Friday. The company has a market cap of $339.48 million, a PE ratio of 12.61 and a beta of 1.80. Insteel Industries Inc has a fifty-two week low of $17.60 and a fifty-two week high of $43.78. The company has a quick ratio of 1.21, a current ratio of 4.25 and a debt-to-equity ratio of 0.02.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, April 18th. The industrial products company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The company had revenue of $111.95 million for the quarter, compared to analysts’ expectations of $119.81 million. Insteel Industries had a net margin of 5.91% and a return on equity of 11.10%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the company posted $0.31 EPS.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Thursday, March 14th.

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Insteel Industries Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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.

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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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