Insteel Industries (NASDAQ:IIIN) Shares Gap Up – Here’s What Happened

Insteel Industries, Inc. (NASDAQ:IIIN) gapped up before the market opened on Thursday . The stock had previously closed at $24.83, but opened at $26.24. Insteel Industries shares last traded at $25.85, with a volume of 19,983 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 26th.

Insteel Industries Trading Up 4.4 %

The stock has a market cap of $503.82 million, a PE ratio of 26.19, a P/E/G ratio of 1.80 and a beta of 1.14. The business’s 50-day moving average price is $28.50 and its 200-day moving average price is $30.13.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The business had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. During the same period in the previous year, the company posted $0.06 earnings per share. Insteel Industries’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, analysts predict that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a $0.03 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.46%. Insteel Industries’s payout ratio is 12.12%.

Institutional Trading of Insteel Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in IIIN. American Century Companies Inc. grew its holdings in shares of Insteel Industries by 14.6% in the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after purchasing an additional 59,591 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of Insteel Industries by 26.8% in the second quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after acquiring an additional 74,791 shares during the period. Public Sector Pension Investment Board grew its position in Insteel Industries by 6.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 42,861 shares of the industrial products company’s stock worth $1,327,000 after purchasing an additional 2,489 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Insteel Industries by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock valued at $236,000 after acquiring an additional 585 shares during the last quarter. Finally, Cardinal Capital Management lifted its stake in shares of Insteel Industries by 12.3% in the 3rd quarter. Cardinal Capital Management now owns 34,318 shares of the industrial products company’s stock worth $1,067,000 after acquiring an additional 3,747 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.