Insteel Industries, Inc. (IIIN) Announces Earnings Results
Insteel Industries, Inc. (NASDAQ:IIIN) issued its quarterly earnings results on Wednesday. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05), MarketWatch Earnings reports. Insteel Industries had a net margin of 7.24% and a return on equity of 13.30%. The company had revenue of $96.89 million for the quarter, compared to analyst estimates of $96.25 million. During the same quarter in the previous year, the company posted $0.51 EPS. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year.
Insteel Industries (NASDAQ:IIIN) traded up 7.15% during mid-day trading on Thursday, hitting $29.07. 256,594 shares of the stock were exchanged. The firm has a market cap of $553.06 million, a price-to-earnings ratio of 19.51 and a beta of 2.10. Insteel Industries has a 52-week low of $22.50 and a 52-week high of $42.81. The company has a 50 day moving average price of $25.49 and a 200 day moving average price of $29.82.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.03 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.44%. Insteel Industries’s payout ratio is currently 8.05%.
IIIN has been the topic of a number of recent analyst reports. BidaskClub lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Longbow Research lowered shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th.
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).
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