Insteel Industries, Inc. (NASDAQ:IIIN) shares fell 7.4% on Friday following a weaker than expected earnings announcement. The company traded as low as $26.70 and last traded at $27.00. 714,124 shares traded hands during mid-day trading, an increase of 353% from the average session volume of 157,515 shares. The stock had previously closed at $29.16.

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). Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The business had revenue of $96.89 million for the quarter, compared to analysts’ expectations of $96.25 million. During the same period in the previous year, the company earned $0.51 EPS. Insteel Industries’s quarterly revenue was down 6.0% compared to the same quarter last year.

The firm also recently announced a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be issued a dividend of $1.00 per share. This represents a dividend yield of 0.44%. The ex-dividend date of this dividend is Tuesday, December 19th. Insteel Industries’s payout ratio is 8.05%.

A number of research firms have recently issued reports on IIIN. BidaskClub raised shares of Insteel Industries from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Longbow Research lowered shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th.

Several institutional investors have recently added to or reduced their stakes in the company. Royce & Associates LP grew its holdings in shares of Insteel Industries by 3.4% during the second quarter. Royce & Associates LP now owns 1,748,930 shares of the industrial products company’s stock worth $57,662,000 after buying an additional 57,600 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Insteel Industries by 12.5% during the second quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock worth $47,921,000 after buying an additional 161,813 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Insteel Industries by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock worth $42,771,000 after buying an additional 104,298 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Insteel Industries by 1.0% in the second quarter. Vanguard Group Inc. now owns 1,161,064 shares of the industrial products company’s stock valued at $38,280,000 after purchasing an additional 11,906 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of Insteel Industries by 42.9% in the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after purchasing an additional 211,900 shares during the period. 81.29% of the stock is owned by institutional investors and hedge funds.

The stock’s 50 day moving average price is $25.67 and its 200 day moving average price is $29.75. The stock has a market capitalization of $513.68 million, a PE ratio of 18.12 and a beta of 2.10.

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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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