Insteel Industries, Inc. (NASDAQ:IIIN) announced its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05), MarketWatch Earnings reports. The company had revenue of $96.89 million during the quarter, compared to analyst estimates of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The firm’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 EPS.
Insteel Industries (NASDAQ:IIIN) traded down 0.40% during trading on Friday, hitting $27.69. 172,702 shares of the company traded hands. Insteel Industries has a one year low of $23.20 and a one year high of $42.81. The firm has a 50 day moving average of $26.01 and a 200 day moving average of $29.45. The firm has a market cap of $526.80 million, a P/E ratio of 18.58 and a beta of 2.10.
The firm also recently announced a special dividend, which will be paid on Friday, January 5th. Investors of record on Wednesday, December 20th will be issued a dividend of $1.00 per share. The ex-dividend date is Tuesday, December 19th. This represents a dividend yield of 0.44%. Insteel Industries’s payout ratio is 10.17%.
In other news, VP James F. Petelle sold 1,000 shares of the stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now owns 14,788 shares in the company, valued at approximately $400,902.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.70% of the company’s stock.
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A number of equities analysts have weighed in on IIIN shares. BidaskClub lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. TheStreet lowered shares of Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Finally, Longbow Research lowered shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold”.
About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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