Insteel Industries (NASDAQ:IIIN) Shares Down 7.4%

Shares of Insteel Industries, Inc. (NASDAQ:IIIN) traded down 7.4% during mid-day trading on Thursday . The company traded as low as $31.26 and last traded at $31.60. 34,490 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 86,043 shares. The stock had previously closed at $34.12.

Insteel Industries Trading Up 2.0 %

The company has a market cap of $629.40 million, a PE ratio of 25.59, a P/E/G ratio of 2.03 and a beta of 1.14. The business’s 50-day simple moving average is $35.49 and its 200-day simple moving average is $34.54.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. The company had revenue of $127.40 million during the quarter, compared to the consensus estimate of $134.89 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The company’s revenue was down 19.9% compared to the same quarter last year. On average, research analysts predict that Insteel Industries, Inc. will post 1.3 earnings per share for the current fiscal year.

Insteel Industries Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.03 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. Insteel Industries’s payout ratio is 9.68%.

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 transaction, the chief operating officer now owns 40,952 shares in the company, valued at approximately $1,480,005.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in shares of Insteel Industries during the 3rd quarter worth about $162,000. Linden Thomas Advisory Services LLC raised its stake in shares of Insteel Industries by 14.7% in the third quarter. Linden Thomas Advisory Services LLC now owns 7,852 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 1,007 shares during the last quarter. Drake & Associates LLC raised its stake in shares of Insteel Industries by 21.6% in the third quarter. Drake & Associates LLC now owns 15,224 shares of the industrial products company’s stock worth $494,000 after acquiring an additional 2,708 shares during the last quarter. Canal Capital Management LLC bought a new position in shares of Insteel Industries in the third quarter worth about $3,478,000. Finally, Strs Ohio bought a new position in shares of Insteel Industries in the third quarter worth about $616,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

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.