Insteel Industries (NASDAQ:IIIN) Trading Down 3.7% – Time to Sell?

Insteel Industries, Inc. (NASDAQ:IIIN) shares dropped 3.7% on Friday . The company traded as low as $30.51 and last traded at $30.4750. Approximately 7,254 shares were traded during trading, a decline of 95% from the average daily volume of 146,163 shares. The stock had previously closed at $31.66.

Insteel Industries Trading Down 3.4%

The business’s 50 day moving average price is $33.81 and its two-hundred day moving average price is $35.91. The stock has a market cap of $593.64 million, a P/E ratio of 30.88, a price-to-earnings-growth ratio of 1.81 and a beta of 0.83.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, October 16th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.05). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.Insteel Industries’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, November 28th. This represents a $4.00 annualized dividend and a dividend yield of 13.1%. Insteel Industries’s payout ratio is currently 5.71%.

Hedge Funds Weigh In On Insteel Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors grew its position in shares of Insteel Industries by 0.8% in the 3rd quarter. Captrust Financial Advisors now owns 138,837 shares of the industrial products company’s stock worth $5,323,000 after buying an additional 1,061 shares during the period. Advisory Services Network LLC purchased a new stake in Insteel Industries in the third quarter worth about $26,000. Hancock Whitney Corp purchased a new stake in Insteel Industries in the third quarter worth about $246,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Insteel Industries by 7.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 175,284 shares of the industrial products company’s stock valued at $6,720,000 after purchasing an additional 12,177 shares in the last quarter. Finally, PharVision Advisers LLC purchased a new position in shares of Insteel Industries during the third quarter valued at approximately $543,000. Institutional investors own 83.27% of the company’s stock.

Insteel Industries Company Profile

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.