Insteel Industries, Inc. (NASDAQ:IIIN) VP James F. Petelle sold 1,634 shares of the stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $32.00, for a total value of $52,288.00. Following the completion of the sale, the vice president now directly owns 16,532 shares of the company’s stock, valued at $529,024. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Insteel Industries traded down $0.03, hitting $31.55, during mid-day trading on Thursday, according to MarketBeat.com. 224 shares of the company were exchanged, compared to its average volume of 83,774. Insteel Industries, Inc. has a 1-year low of $23.20 and a 1-year high of $34.32. The company has a market cap of $602.22 million, a PE ratio of 29.52 and a beta of 2.01.
Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Monday, April 23rd. The industrial products company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.16). Insteel Industries had a return on equity of 9.36% and a net margin of 6.18%. The company had revenue of $107.40 million for the quarter, compared to analyst estimates of $107.30 million. During the same period in the prior year, the business earned $0.39 earnings per share. Insteel Industries’s revenue for the quarter was up 6.1% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date is Thursday, June 14th.
Institutional investors have recently added to or reduced their stakes in the business. Leucadia National Corp acquired a new stake in Insteel Industries in the fourth quarter valued at $215,000. Louisiana State Employees Retirement System acquired a new stake in Insteel Industries in the fourth quarter valued at $221,000. MetLife Investment Advisors LLC acquired a new stake in Insteel Industries in the fourth quarter valued at $255,000. Global X Management Co. LLC lifted its holdings in Insteel Industries by 331.1% in the first quarter. Global X Management Co. LLC now owns 9,053 shares of the industrial products company’s stock valued at $250,000 after acquiring an additional 6,953 shares during the period. Finally, Barclays PLC lifted its holdings in Insteel Industries by 296.8% in the first quarter. Barclays PLC now owns 11,603 shares of the industrial products company’s stock valued at $320,000 after acquiring an additional 8,679 shares during the period. 83.18% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on IIIN shares. BidaskClub downgraded Insteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 24th. Sidoti raised Insteel Industries from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Wednesday, April 11th.
About Insteel Industries
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.
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