Insteel Industries (NYSE:IIIN) Announces Earnings Results

Insteel Industries (NYSE:IIIN) issued its earnings results on Thursday. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09), FiscalAI reports. The firm had revenue of $209.28 million during the quarter. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%. The business’s revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 earnings per share.

Insteel Industries Stock Up 0.4%

Shares of NYSE IIIN traded up $0.11 during trading on Thursday, reaching $30.50. 30,399 shares of the company traded hands, compared to its average volume of 221,401. The firm has a 50 day simple moving average of $30.27 and a 200-day simple moving average of $29.73. Insteel Industries has a 52-week low of $24.35 and a 52-week high of $38.45. The stock has a market capitalization of $590.50 million, a PE ratio of 16.35, a P/E/G ratio of 1.04 and a beta of 0.54.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, September 11th. Insteel Industries’s dividend payout ratio (DPR) is presently 6.45%.

Insider Buying and Selling at Insteel Industries

In other news, COO Richard Wagner sold 1,640 shares of the business’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 transaction, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at $1,212,400. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIIN. BlackRock Inc. purchased a new position in shares of Insteel Industries in the 2nd quarter worth $46,014,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Insteel Industries in the first quarter worth $1,369,000. Robotti Robert purchased a new stake in Insteel Industries during the second quarter valued at $14,421,000. Icon Advisers Inc. Co. purchased a new stake in Insteel Industries during the first quarter valued at $3,126,000. Finally, Wedge Capital Management L L P NC bought a new position in Insteel Industries in the second quarter valued at about $1,454,000. Institutional investors own 83.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Zacks Research downgraded shares of Insteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. 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. Two research analysts have rated the stock with a Hold rating. According to MarketBeat, the stock currently has an average rating of “Hold”.

About Insteel Industries

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products used primarily in concrete construction. The company produces welded wire reinforcement and prestressed concrete strand, which help strengthen and reinforce concrete structures.

Its products are used in a range of infrastructure, commercial, residential, and industrial applications, including roads, bridges, buildings, precast concrete products, and other construction projects. Insteel sells its products primarily through a network serving customers across the United States.

Founded in 1953 and headquartered in Mount Airy, North Carolina, Insteel operates manufacturing facilities in the United States.