Insteel Industries (NASDAQ:IIIN) Issues Earnings Results, Beats Expectations By $0.13 EPS

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

Insteel Industries Stock Up 1.0 %

NASDAQ IIIN traded up $0.31 during trading hours on Friday, reaching $32.04. 33,400 shares of the company were exchanged, compared to its average volume of 87,443. Insteel Industries has a 1 year low of $26.86 and a 1 year high of $39.38. The business’s 50 day simple moving average is $35.58 and its 200-day simple moving average is $34.56. The stock has a market capitalization of $623.18 million, a P/E ratio of 27.77, a P/E/G ratio of 2.19 and a beta of 1.14.

Insteel Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued 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 presently 10.43%.

Insider Transactions at Insteel Industries

In other news, COO Richard Wagner sold 1,715 shares of Insteel Industries stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the transaction, the chief operating officer now owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.60% 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.