Trexquant Investment LP Reduces Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Trexquant Investment LP decreased its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 24.6% during the 4th quarter, HoldingsChannel reports. The fund owned 28,999 shares of the industrial products company’s stock after selling 9,454 shares during the quarter. Trexquant Investment LP’s holdings in Insteel Industries were worth $783,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of IIIN. BNP Paribas Financial Markets raised its position in shares of Insteel Industries by 8.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock valued at $183,000 after purchasing an additional 434 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Insteel Industries in the third quarter valued at $227,000. Point72 Asset Management L.P. bought a new position in Insteel Industries during the 3rd quarter valued at $34,000. State Street Corp grew its holdings in Insteel Industries by 4.9% during the 3rd quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock worth $23,675,000 after acquiring an additional 35,859 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Insteel Industries by 228.1% in the 3rd quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock worth $2,017,000 after purchasing an additional 45,115 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Stock Performance

Shares of Insteel Industries stock opened at $26.70 on Friday. The firm has a market cap of $518.75 million, a PE ratio of 26.97, a price-to-earnings-growth ratio of 1.81 and a beta of 0.94. Insteel Industries, Inc. has a 1 year low of $22.49 and a 1 year high of $35.52. The firm’s 50-day simple moving average is $27.60 and its 200-day simple moving average is $28.23.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 16th. The industrial products company reported $0.06 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 firm had revenue of $129.70 million for the quarter, compared to the consensus estimate of $117.45 million. During the same period in the prior year, the business earned $0.06 EPS. The company’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts predict that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.45%. Insteel Industries’s dividend payout ratio (DPR) is 12.12%.

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.