Insteel Industries (NASDAQ:IIIN) Announces Quarterly Earnings Results

Insteel Industries (NASDAQ:IIIN) posted its earnings results on Thursday. The industrial products company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.13, Briefing.com reports. The company had revenue of $127.40 million for the quarter, compared to analyst estimates of $134.89 million. Insteel Industries had a net margin of 3.71% and a return on equity of 6.16%. The business’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share.

Insteel Industries Trading Up 1.0 %

Shares of IIIN stock traded up $0.31 during trading hours on Friday, hitting $32.04. 33,400 shares of the company were exchanged, compared to its average volume of 87,443. The business has a 50 day moving average of $35.58 and a two-hundred day moving average of $34.56. Insteel Industries has a 52 week low of $26.86 and a 52 week high of $39.38. The company has a market capitalization of $623.18 million, a PE ratio of 27.77, a PEG ratio of 2.19 and a beta of 1.14.

Insteel Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.03 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.37%. Insteel Industries’s dividend payout ratio (DPR) is presently 10.43%.

Insider Transactions at Insteel Industries

In other news, COO Richard Wagner sold 1,715 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $36.14, for a total transaction of $61,980.10. Following the completion of the sale, the chief operating officer now owns 40,952 shares of the company’s stock, valued at $1,480,005.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.60% of the stock is owned by insiders.

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.