Insteel Industries (NASDAQ:IIIN) announced its earnings results on Thursday. The industrial products company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.19), Morningstar.com reports. The company had revenue of $126.30 million for the quarter, compared to analysts’ expectations of $128.38 million. Insteel Industries had a net margin of 5.91% and a return on equity of 11.10%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share.
Shares of NASDAQ IIIN opened at $18.73 on Friday. Insteel Industries has a fifty-two week low of $17.50 and a fifty-two week high of $43.78. The company’s 50 day simple moving average is $19.84. The company has a current ratio of 4.25, a quick ratio of 1.39 and a debt-to-equity ratio of 0.02. The firm has a market cap of $404.09 million, a price-to-earnings ratio of 14.99 and a beta of 1.81.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.64%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Insteel Industries by 2.2% during the 4th quarter. BlackRock Inc. now owns 2,692,847 shares of the industrial products company’s stock valued at $65,381,000 after purchasing an additional 59,135 shares in the last quarter. Royce & Associates LP grew its position in shares of Insteel Industries by 43.7% in the 1st quarter. Royce & Associates LP now owns 1,718,543 shares of the industrial products company’s stock worth $35,952,000 after acquiring an additional 522,958 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Insteel Industries by 0.4% in the 4th quarter. Bank of New York Mellon Corp now owns 230,330 shares of the industrial products company’s stock worth $5,592,000 after acquiring an additional 872 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Insteel Industries by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 205,996 shares of the industrial products company’s stock worth $5,001,000 after acquiring an additional 9,899 shares in the last quarter. Finally, Systematic Financial Management LP grew its position in shares of Insteel Industries by 15.7% in the 1st quarter. Systematic Financial Management LP now owns 195,896 shares of the industrial products company’s stock worth $4,098,000 after acquiring an additional 26,640 shares in the last quarter. Hedge funds and other institutional investors own 78.94% of the company’s stock.
Separately, BidaskClub upgraded Zillow Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 2nd.
About Insteel Industries
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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.
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