Insteel Industries Inc. (IIIN) Rating Increased to Buy at Sidoti
Shares of Insteel Industries (NASDAQ:IIIN) opened at 36.58 on Tuesday. The firm’s 50-day moving average price is $31.16 and its 200-day moving average price is $31.40. Insteel Industries has a 12 month low of $18.72 and a 12 month high of $37.22. The company has a market cap of $694.11 million, a PE ratio of 18.76 and a beta of 2.17.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, October 20th. The company reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.10. The business had revenue of $103.10 million for the quarter, compared to analyst estimates of $125.11 million. Insteel Industries had a return on equity of 18.03% and a net margin of 8.90%. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.51 EPS. Equities analysts predict that Insteel Industries will post $2.11 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Wednesday, December 14th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Monday, December 12th. Insteel Industries’s dividend payout ratio is currently 6.12%.
In related news, VP Michael C. Gazmarian sold 9,488 shares of Insteel Industries stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $33.37, for a total value of $316,614.56. Following the sale, the vice president now owns 73,684 shares of the company’s stock, valued at approximately $2,458,835.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman H O. Woltz III sold 15,000 shares of Insteel Industries stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $33.13, for a total value of $496,950.00. Following the completion of the sale, the chairman now directly owns 474,544 shares in the company, valued at approximately $15,721,642.72. The disclosure for this sale can be found here. Insiders own 9.80% of the company’s stock.
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About Insteel Industries
Insteel Industries, Inc (Insteel) is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets PC strand and welded wire reinforcement (WWR), including Engineered Structural Mesh (ESM), concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR).
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