Key Points
- COO Richard Wagner sold 1,640 Insteel Industries shares at an average price of $30.31, totaling $49,708.40. His direct ownership fell 3.94% to 40,000 shares.
- Insteel reported quarterly EPS of $0.46, slightly above the $0.45 consensus estimate, on revenue of $197.66 million; analysts expect full-year EPS of $1.59.
- The company declared a quarterly dividend of $0.03, equivalent to a 0.4% annualized yield. Institutional investors own 83.27% of the stock, while analyst coverage carries a consensus “Buy” rating.
Insteel Industries, Inc. (NYSE:IIIN - Get Free Report) COO Richard Wagner sold 1,640 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $30.31, for a total transaction of $49,708.40. Following the transaction, the chief operating officer directly owned 40,000 shares in the company, valued at approximately $1,212,400. This trade represents 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 accessible through the SEC website.
Insteel Industries Stock Up 0.5%
Shares of NYSE IIIN opened at $30.67 on Friday. The stock has a market capitalization of $593.69 million, a price-to-earnings ratio of 16.49, a price-to-earnings-growth ratio of 1.60 and a beta of 0.50. Insteel Industries, Inc. has a 52 week low of $24.35 and a 52 week high of $39.91. The firm has a 50-day moving average price of $30.91 and a 200 day moving average price of $31.07.
Insteel Industries (NYSE:IIIN - Get Free Report) last issued its earnings results on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. The company had revenue of $197.66 million for the quarter. During the same quarter in the previous year, the company posted $0.78 earnings per share. Equities research analysts expect that Insteel Industries, Inc. will post 1.59 EPS for the current fiscal year.
Insteel Industries Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be issued a $0.03 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Insteel Industries's dividend payout ratio is currently 6.45%.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Insteel Industries during the second quarter valued at approximately $46,014,000. Vanguard Group Inc. lifted its stake in shares of Insteel Industries by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 1,415,156 shares of the company's stock worth $44,818,000 after purchasing an additional 17,660 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Insteel Industries by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company's stock worth $36,559,000 after purchasing an additional 24,429 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 purchasing an additional 11,931 shares during the period. Finally, State Street Corp increased its stake in Insteel Industries by 0.5% in the fourth quarter. State Street Corp now owns 727,168 shares of the company's stock valued at $23,029,000 after purchasing an additional 3,919 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the company. Weiss Ratings upgraded Insteel Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Insteel Industries from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Zacks Research raised shares of Insteel Industries from a "hold" rating to a "strong-buy" rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy".
Read Our Latest Research Report on Insteel Industries
Insteel Industries Company Profile
(
Get Free Report)
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.
Further Reading
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