Insteel Industries, Inc. (NASDAQ:IIIN) Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its stake in Insteel Industries, Inc. (NASDAQ:IIIN) by 45.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,553 shares of the industrial products company’s stock after selling 6,192 shares during the period. Citigroup Inc.’s holdings in Insteel Industries were worth $245,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in shares of Insteel Industries during the second quarter valued at about $38,000. Qube Research & Technologies Ltd acquired a new stake in shares of Insteel Industries during the third quarter valued at about $70,000. Allspring Global Investments Holdings LLC grew its stake in shares of Insteel Industries by 80.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company’s stock valued at $73,000 after acquiring an additional 1,006 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Insteel Industries during the second quarter valued at about $72,000. Finally, UBS Group AG grew its stake in shares of Insteel Industries by 182.5% during the third quarter. UBS Group AG now owns 2,822 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 1,823 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Richard Wagner sold 1,715 shares of Insteel Industries stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the transaction, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.60% of the company’s stock.

Insteel Industries Price Performance

Shares of Insteel Industries stock opened at $37.82 on Thursday. The business has a 50-day moving average of $35.39 and a 200-day moving average of $34.17. The company has a market capitalization of $735.60 million, a PE ratio of 32.89, a P/E/G ratio of 2.36 and a beta of 1.13. Insteel Industries, Inc. has a 1-year low of $25.44 and a 1-year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, January 18th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.06). The business had revenue of $121.80 million for the quarter, compared to analyst estimates of $130.07 million. Insteel Industries had a net margin of 3.71% and a return on equity of 6.16%. The firm’s revenue was down 27.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, equities analysts expect that Insteel Industries, Inc. will post 1.3 earnings per share for the current fiscal year.

Insteel Industries Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.03 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.32%. Insteel Industries’s dividend payout ratio (DPR) is 10.43%.

About Insteel Industries

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.