Richard Wagner Sells 1,640 Shares of Insteel Industries (NYSE:IIIN) Stock

Insteel Industries, Inc. (NYSE:IIIN) COO Richard Wagner sold 1,640 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction of $49,708.40. Following the completion of the sale, the chief operating officer owned 40,000 shares in the company, valued at $1,212,400. This represents a 3.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Insteel Industries Stock Performance

NYSE IIIN opened at $30.48 on Friday. The firm’s fifty day moving average price is $30.94 and its two-hundred day moving average price is $31.06. The stock has a market cap of $590.09 million, a PE ratio of 16.39, a PEG ratio of 1.61 and a beta of 0.50. Insteel Industries, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $39.91.

Insteel Industries (NYSE:IIIN) last announced its quarterly earnings results on Thursday, July 16th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.The company had revenue of $197.66 million during the quarter. During the same quarter in the previous year, the company posted $0.78 earnings per share. As a group, sell-side analysts predict that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, September 11th. Insteel Industries’s dividend payout ratio is presently 6.45%.

Institutional Trading of Insteel Industries

A number of institutional investors and hedge funds have recently bought and sold shares of IIIN. BlackRock Inc. bought a new position in Insteel Industries during the 2nd quarter worth $46,014,000. Vanguard Group Inc. grew its position in shares of Insteel Industries by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 1,415,156 shares of the company’s stock valued at $44,818,000 after buying an additional 17,660 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Insteel Industries by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company’s stock valued at $36,559,000 after buying an additional 24,429 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Insteel Industries by 1.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 990,770 shares of the company’s stock valued at $37,986,000 after buying an additional 11,931 shares during the period. Finally, State Street Corp raised its position in shares of Insteel Industries by 0.5% during the fourth quarter. State Street Corp now owns 727,168 shares of the company’s stock worth $23,029,000 after acquiring an additional 3,919 shares during the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IIIN has been the topic of a number of recent research reports. Wall Street Zen raised Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Zacks Research raised Insteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. Finally, Weiss Ratings upgraded shares of Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

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.