Insteel Industries (IIIN) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Insteel Industries (NASDAQ:IIIN) announced its quarterly earnings results on Thursday. The industrial products company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.07, MarketWatch Earnings reports. The company had revenue of $104.11 million for the quarter, compared to analysts’ expectations of $106.79 million. Insteel Industries had a net margin of 8.00% and a return on equity of 14.20%. Insteel Industries’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 earnings per share.

IIIN traded down $2.69 during midday trading on Thursday, reaching $21.79. The company’s stock had a trading volume of 550,600 shares, compared to its average volume of 172,100. The stock has a market cap of $472.89 million, a PE ratio of 14.73 and a beta of 2.19. Insteel Industries has a 1 year low of $20.80 and a 1 year high of $43.78.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 4th. Shareholders of record on Friday, December 14th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Thursday, December 13th.

Separately, BidaskClub cut shares of Insteel Industries from a “sell” rating to a “strong sell” rating in a report on Wednesday.

In other Insteel Industries news, Director Jon M. Ruth acquired 4,000 shares of the business’s stock in a transaction on Friday, December 7th. The shares were acquired at an average price of $26.04 per share, for a total transaction of $104,160.00. Following the completion of the acquisition, the director now owns 5,349 shares in the company, valued at $139,287.96. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.20% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Insteel Industries by 6.8% in the second quarter. BlackRock Inc. now owns 2,510,170 shares of the industrial products company’s stock worth $83,838,000 after buying an additional 160,618 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Insteel Industries by 10.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 95,450 shares of the industrial products company’s stock worth $3,189,000 after buying an additional 9,375 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Insteel Industries in the third quarter worth approximately $485,000. Ibex Investors LLC bought a new position in shares of Insteel Industries in the third quarter worth approximately $201,000. Finally, Trexquant Investment LP bought a new position in shares of Insteel Industries in the third quarter worth approximately $243,000. Hedge funds and other institutional investors own 79.06% of the company’s stock.

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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 pre-stressed 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.

Further Reading: Why Net Income is Important to Investors

Earnings History for Insteel Industries (NASDAQ:IIIN)

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