Insteel Industries (NYSE:IIIN) Posts Earnings Results, Beats Expectations By $0.01 EPS

Insteel Industries (NYSE:IIIN) issued its earnings results on Thursday. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01, FiscalAI reports. Insteel Industries had a net margin of 6.16% and a return on equity of 11.72%. The firm had revenue of $197.66 million for the quarter.

Insteel Industries Trading Down 0.1%

IIIN stock opened at $29.64 on Thursday. Insteel Industries has a twelve month low of $24.35 and a twelve month high of $41.64. The company’s 50 day moving average is $28.29 and its two-hundred day moving average is $31.43. The stock has a market cap of $575.85 million, a P/E ratio of 13.60, a PEG ratio of 1.87 and a beta of 0.52.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.4%. The ex-dividend date was Friday, June 12th. Insteel Industries’s dividend payout ratio is currently 5.50%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Insteel Industries by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 1,415,156 shares of the company’s stock valued at $44,818,000 after acquiring an additional 17,660 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Insteel Industries by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company’s stock worth $36,559,000 after purchasing an additional 24,429 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Insteel Industries by 1.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 990,770 shares of the company’s stock valued at $37,986,000 after purchasing an additional 11,931 shares during the last quarter. State Street Corp boosted its position in shares of Insteel Industries by 0.5% in the 4th quarter. State Street Corp now owns 727,168 shares of the company’s stock valued at $23,029,000 after purchasing an additional 3,919 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Insteel Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 484,466 shares of the company’s stock valued at $15,345,000 after purchasing an additional 2,830 shares during the period. 83.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on IIIN shares. Wall Street Zen downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Monday, May 4th. Zacks Research raised shares of Insteel Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings downgraded shares of Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Insteel Industries Company Profile

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.