Insteel Industries (NASDAQ:IIIN) Releases Earnings Results, Beats Expectations By $0.13 EPS

Insteel Industries (NASDAQ:IIIN) released its earnings results on Thursday. The industrial products company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.22 by $0.13, Briefing.com reports. Insteel Industries had a return on equity of 6.16% and a net margin of 3.71%. The company had revenue of $127.40 million during the quarter, compared to analysts’ expectations of $134.89 million. During the same period in the prior year, the business posted $0.26 EPS. The business’s revenue was down 19.9% on a year-over-year basis.

Insteel Industries Stock Up 3.0 %

NASDAQ IIIN traded up $0.95 on Friday, hitting $32.68. The stock had a trading volume of 47,122 shares, compared to its average volume of 87,536. The stock has a market cap of $635.63 million, a price-to-earnings ratio of 27.77, a P/E/G ratio of 2.19 and a beta of 1.14. Insteel Industries has a one year low of $26.86 and a one year high of $39.38. The company’s 50-day moving average is $35.58 and its two-hundred day moving average is $34.56.

Insteel Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date was Thursday, March 14th. Insteel Industries’s payout ratio is 10.43%.

Insider Activity at Insteel Industries

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the transaction, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.60% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. 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.