Insteel Industries (NASDAQ:IIIN) Issues Quarterly Earnings Results

Insteel Industries (NASDAQ:IIIN) posted its quarterly earnings results on Thursday. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.13, Briefing.com reports. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. The business had revenue of $127.40 million during the quarter, compared to analyst estimates of $134.89 million. During the same period in the prior year, the business posted $0.26 earnings per share. The company’s revenue was down 19.9% on a year-over-year basis.

Insteel Industries Trading Up 2.1 %

Insteel Industries stock opened at $32.39 on Friday. The firm has a 50-day moving average of $35.44 and a 200-day moving average of $34.54. The firm has a market cap of $629.99 million, a P/E ratio of 26.12, a P/E/G ratio of 2.08 and a beta of 1.14. Insteel Industries has a 1-year low of $26.86 and a 1-year high of $39.38.

Insteel Industries Cuts Dividend

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

Insider Buying and Selling

In related news, COO Richard Wagner sold 1,715 shares of the 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 directly owns 40,952 shares of the company’s stock, valued at $1,480,005.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.60% of the stock is owned by insiders.

About Insteel Industries

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.