Insteel Industries (NASDAQ:IIIN) Shares Down 7.4%

Insteel Industries, Inc. (NASDAQ:IIIN)’s share price traded down 7.4% during mid-day trading on Thursday . The company traded as low as $31.26 and last traded at $31.60. 34,490 shares were traded during mid-day trading, a decline of 60% from the average session volume of 86,043 shares. The stock had previously closed at $34.12.

Insteel Industries Stock Up 2.0 %

The company has a market capitalization of $629.40 million, a PE ratio of 25.59, a PEG ratio of 2.03 and a beta of 1.14. The stock’s fifty day simple moving average is $35.49 and its 200-day simple moving average is $34.54.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. The business had revenue of $127.40 million during the quarter, compared to analysts’ expectations of $134.89 million. During the same period last year, the company posted $0.26 EPS. The company’s revenue was down 19.9% on a year-over-year basis. Analysts expect that Insteel Industries, Inc. will post 1.3 EPS for the current year.

Insteel Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.03 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. Insteel Industries’s dividend payout ratio (DPR) is currently 9.68%.

Insider Buying and Selling

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of Insteel Industries stock in a transaction on Friday, March 1st. The shares were sold at an average price of $36.14, for a total value of $61,980.10. Following the transaction, the chief operating officer now owns 40,952 shares in the company, valued at approximately $1,480,005.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Insteel Industries

Several hedge funds and other institutional investors have recently made changes to their positions in IIIN. Pacer Advisors Inc. lifted its holdings in shares of Insteel Industries by 195.2% during the 4th quarter. Pacer Advisors Inc. now owns 728,935 shares of the industrial products company’s stock valued at $27,911,000 after acquiring an additional 482,026 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Insteel Industries during the 4th quarter valued at $5,501,000. Canal Capital Management LLC acquired a new position in shares of Insteel Industries during the 3rd quarter valued at $3,478,000. First Eagle Investment Management LLC increased its stake in Insteel Industries by 41.9% during the 4th quarter. First Eagle Investment Management LLC now owns 248,927 shares of the industrial products company’s stock worth $9,531,000 after buying an additional 73,540 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Insteel Industries by 2,097.5% during the 4th quarter. Russell Investments Group Ltd. now owns 62,474 shares of the industrial products company’s stock worth $2,392,000 after buying an additional 59,631 shares during the period. 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.