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

Insteel Industries (NASDAQ:IIIN) posted its earnings results on Thursday. The industrial products company reported $0.35 earnings per share 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 firm had revenue of $127.40 million for the quarter, compared to analyst estimates of $134.89 million. During the same period in the previous year, the firm posted $0.26 EPS. The company’s revenue for the quarter was down 19.9% compared to the same quarter last year.

Insteel Industries Price Performance

NASDAQ IIIN traded up $0.95 on Friday, reaching $32.68. The company had a trading volume of 47,122 shares, compared to its average volume of 87,536. The firm has a market cap of $635.63 million, a price-to-earnings ratio of 27.77, a P/E/G ratio of 2.19 and a beta of 1.14. Insteel Industries has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The business has a 50 day moving average of $35.58 and a two-hundred day moving average of $34.56.

Insteel Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.03 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.37%. Insteel Industries’s dividend payout ratio is 10.43%.

Insider Buying and Selling at Insteel Industries

In other news, COO Richard Wagner sold 1,715 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $36.14, for a total transaction of $61,980.10. Following the completion of the transaction, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.