James F. Petelle Sells 1,000 Shares of Insteel Industries, Inc. (NASDAQ:IIIN) Stock

Insteel Industries, Inc. (NASDAQ:IIIN) VP James F. Petelle sold 1,000 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the sale, the vice president now directly owns 14,788 shares in the company, valued at $400,902.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Shares of Insteel Industries, Inc. (NASDAQ IIIN) traded down $0.19 during trading on Friday, hitting $25.23. 139,400 shares of the stock were exchanged, compared to its average volume of 151,521. Insteel Industries, Inc. has a twelve month low of $23.20 and a twelve month high of $42.81. The firm has a market capitalization of $484.02, a price-to-earnings ratio of 21.54 and a beta of 2.10.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The firm had revenue of $96.89 million for the quarter, compared to analyst estimates of $96.25 million. During the same quarter last year, the firm earned $0.51 earnings per share. The company’s revenue was down 6.0% compared to the same quarter last year.

The firm also recently declared a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a $1.00 dividend. This represents a dividend yield of 0.44%. The ex-dividend date is Tuesday, December 19th. Insteel Industries’s dividend payout ratio (DPR) is presently 10.17%.

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Several large investors have recently bought and sold shares of the company. Texas Permanent School Fund raised its position in shares of Insteel Industries by 1.1% in the second quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock valued at $421,000 after buying an additional 134 shares during the last quarter. Advisory Services Network LLC raised its position in shares of Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after buying an additional 181 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Insteel Industries by 6.1% in the second quarter. The Manufacturers Life Insurance Company now owns 14,653 shares of the industrial products company’s stock valued at $483,000 after buying an additional 847 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Insteel Industries by 8.1% in the second quarter. Victory Capital Management Inc. now owns 11,884 shares of the industrial products company’s stock valued at $392,000 after buying an additional 886 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Insteel Industries by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock valued at $2,525,000 after buying an additional 987 shares during the last quarter. 80.94% of the stock is owned by institutional investors and hedge funds.

IIIN has been the subject of a number of recent research reports. BidaskClub downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. TheStreet downgraded shares of Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Finally, Longbow Research downgraded 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 issued a hold rating and two have issued a buy rating to the company. The stock presently 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).

Insider Buying and Selling by Quarter for Insteel Industries (NASDAQ:IIIN)

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