Key Points
- Insider sale: COO Richard Wagner sold 1,679 shares at an average price of $37.67 on Feb. 26 for $63,247.93, leaving him with 40,000 shares — a 4.03% reduction in his stake.
- Quarterly results: Insteel beat expectations with $0.39 EPS versus $0.33 consensus and reported revenue up 23.3% year-over-year, while analysts forecast $1.38 EPS for the year.
- Dividend cut/low yield: The company declared a quarterly dividend of $0.03 ($0.12 annualized), a yield of 0.3%, reflecting a reduced payout level.
Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) COO Richard Wagner sold 1,679 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the sale, the chief operating officer directly owned 40,000 shares in the company, valued at approximately $1,506,800. This represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Insteel Industries Price Performance
Shares of IIIN stock opened at $37.27 on Friday. The stock has a market capitalization of $722.87 million, a PE ratio of 37.65, a PEG ratio of 1.81 and a beta of 0.84. The business's 50 day simple moving average is $34.45 and its 200 day simple moving average is $34.68. Insteel Industries, Inc. has a one year low of $22.49 and a one year high of $41.64.
Insteel Industries (NASDAQ:IIIN - Get Free Report) last released its quarterly earnings results on Thursday, January 15th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.06. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. During the same quarter last year, the business posted $0.06 earnings per share. The company's revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, research analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.
Insteel Industries Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, March 13th. Insteel Industries's dividend payout ratio (DPR) is presently 4.94%.
Institutional Investors Weigh In On Insteel Industries
Large investors have recently added to or reduced their stakes in the business. Invesco Ltd. increased its holdings in Insteel Industries by 159.8% in the fourth quarter. Invesco Ltd. now owns 201,872 shares of the industrial products company's stock worth $6,393,000 after purchasing an additional 124,162 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of Insteel Industries by 5.1% during the 4th quarter. Corient Private Wealth LLC now owns 33,976 shares of the industrial products company's stock worth $1,076,000 after buying an additional 1,656 shares during the period. Caitlin John LLC acquired a new stake in shares of Insteel Industries during the 4th quarter worth approximately $227,000. Tudor Investment Corp ET AL bought a new stake in shares of Insteel Industries in the 4th quarter valued at $568,000. Finally, Susquehanna Fundamental Investments LLC lifted its position in shares of Insteel Industries by 205.9% during the 4th quarter. Susquehanna Fundamental Investments LLC now owns 18,525 shares of the industrial products company's stock valued at $587,000 after acquiring an additional 12,470 shares during the period. Institutional investors and hedge funds own 83.27% of the company's stock.
Insteel Industries Company Profile
(
Get Free Report)
Insteel Industries, Inc is a leading U.S. manufacturer of fabricated steel wire reinforcing products used in concrete construction. Headquartered in Mount Airy, North Carolina, the company specializes in the production of welded wire reinforcing mesh, steel wire chairs and supports, and various accessories designed to improve the strength and durability of residential, commercial and infrastructure concrete projects. Insteel's products are engineered to meet industry specifications for load‐bearing capacity, corrosion resistance and ease of installation.
The company operates multiple manufacturing facilities across the United States, employing automated welding and forming processes to ensure consistent product quality and efficient throughput.
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