Insider Selling: Insteel Industries Inc (IIIN) VP Sells 1,237 Shares of Stock

Insteel Industries Inc (NASDAQ:IIIN) VP James F. Petelle sold 1,237 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $31.38, for a total transaction of $38,817.06. The transaction was disclosed in a filing with the SEC, which is available at this link.

Insteel Industries Inc (NASDAQ:IIIN) traded down $0.17 during trading hours on Tuesday, reaching $30.96. 140,611 shares of the company were exchanged, compared to its average volume of 139,450. Insteel Industries Inc has a 52 week low of $23.20 and a 52 week high of $38.69. The company has a market cap of $589.51, a price-to-earnings ratio of 22.76 and a beta of 2.00.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The company had revenue of $97.74 million during the quarter, compared to the consensus estimate of $94.90 million. During the same quarter last year, the company posted $0.23 earnings per share. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be issued a $0.03 dividend. The ex-dividend date is Thursday, March 15th. This represents a $0.12 annualized dividend and a yield of 0.39%. Insteel Industries’s dividend payout ratio (DPR) is presently 8.82%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC raised its holdings in Insteel Industries by 3.2% in the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 181 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Insteel Industries by 6.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,653 shares of the industrial products company’s stock worth $483,000 after purchasing an additional 847 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Insteel Industries by 1.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 76,572 shares of the industrial products company’s stock worth $2,525,000 after purchasing an additional 987 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in Insteel Industries by 2.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 60,847 shares of the industrial products company’s stock worth $2,006,000 after purchasing an additional 1,536 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Insteel Industries by 2.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 93,445 shares of the industrial products company’s stock worth $2,440,000 after purchasing an additional 2,095 shares in the last quarter. Institutional investors and hedge funds own 81.42% of the company’s stock.

IIIN has been the subject of a number of recent analyst reports. Sidoti initiated coverage on shares of Insteel Industries in a report on Monday, December 18th. They set a “buy” rating and a $34.00 price target for the company. TheStreet upgraded shares of Insteel Industries from a “c+” rating to a “b-” rating in a report on Wednesday, January 17th. Finally, BidaskClub upgraded shares of Insteel Industries from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 23rd.

TRADEMARK VIOLATION WARNING: This story was published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://www.dispatchtribunal.com/2018/02/20/insider-selling-insteel-industries-inc-iiin-vp-sells-1237-shares-of-stock.html.

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).

Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply