Insteel Industries (NASDAQ:IIIN) Shares Gap Up – Here’s Why

Insteel Industries, Inc. (NASDAQ:IIIN) shares gapped up before the market opened on Thursday . The stock had previously closed at $26.72, but opened at $29.55. Insteel Industries shares last traded at $29.06, with a volume of 54,743 shares traded.

Insteel Industries Stock Up 12.4 %

The company has a market capitalization of $583.51 million, a price-to-earnings ratio of 30.33, a P/E/G ratio of 1.81 and a beta of 0.94. The stock has a 50 day simple moving average of $27.52 and a 200 day simple moving average of $28.17.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.40%. The ex-dividend date was Friday, March 14th. Insteel Industries’s dividend payout ratio is currently 12.12%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Insteel Industries by 23,382.1% during the first quarter. GAMMA Investing LLC now owns 13,150 shares of the industrial products company’s stock valued at $3,460,000 after purchasing an additional 13,094 shares in the last quarter. Squarepoint Ops LLC lifted its stake in shares of Insteel Industries by 17.0% in the 4th quarter. Squarepoint Ops LLC now owns 12,473 shares of the industrial products company’s stock worth $337,000 after acquiring an additional 1,813 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Insteel Industries by 209.8% in the fourth quarter. Two Sigma Advisers LP now owns 37,800 shares of the industrial products company’s stock valued at $1,021,000 after acquiring an additional 25,600 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Insteel Industries by 157.6% in the fourth quarter. Two Sigma Investments LP now owns 54,618 shares of the industrial products company’s stock valued at $1,475,000 after acquiring an additional 33,413 shares in the last quarter. Finally, State of Wyoming raised its holdings in Insteel Industries by 76.4% during the fourth quarter. State of Wyoming now owns 5,554 shares of the industrial products company’s stock worth $150,000 after purchasing an additional 2,406 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

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.