Insteel Industries Inc. (IIIN) VP James F. Petelle Sells 1,902 Shares of Stock
Insteel Industries Inc. (NASDAQ:IIIN) VP James F. Petelle sold 1,902 shares of the company’s stock in a transaction that occurred on Tuesday, November 29th. The stock was sold at an average price of $40.68, for a total transaction of $77,373.36. Following the sale, the vice president now directly owns 19,332 shares of the company’s stock, valued at approximately $786,425.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Insteel Industries Inc. (NASDAQ:IIIN) opened at 40.11 on Wednesday. The company’s 50-day moving average is $31.45 and its 200-day moving average is $31.67. Insteel Industries Inc. has a 52-week low of $18.72 and a 52-week high of $42.81. The firm has a market capitalization of $761.09 million, a PE ratio of 20.57 and a beta of 2.17.
Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, October 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.10. The business earned $103.10 million during the quarter, compared to analysts’ expectations of $125.11 million. Insteel Industries had a return on equity of 18.03% and a net margin of 8.90%. Insteel Industries’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 EPS. Analysts forecast that Insteel Industries Inc. will post $2.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Wednesday, December 14th will be paid a $0.03 dividend. The ex-dividend date is Monday, December 12th. This represents a $0.12 annualized dividend and a dividend yield of 0.30%. Insteel Industries’s payout ratio is 6.12%.
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Separately, Sidoti upgraded shares of Insteel Industries from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 22nd.
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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