Insteel Industries (NASDAQ:IIIN) Shares Gap Down – Time to Sell?

Insteel Industries, Inc. (NASDAQ:IIIN) shares gapped down before the market opened on Monday . The stock had previously closed at $32.95, but opened at $31.75. Insteel Industries shares last traded at $31.84, with a volume of 901 shares.

Insteel Industries Stock Performance

The company has a fifty day simple moving average of $31.79 and a two-hundred day simple moving average of $35.44. The firm has a market capitalization of $614.03 million, a PE ratio of 31.95, a PEG ratio of 1.81 and a beta of 0.80.

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

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 12.6%. The ex-dividend date was Friday, November 28th. Insteel Industries’s dividend payout ratio is currently 5.71%.

Institutional Investors Weigh In On Insteel Industries

Several institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new stake in Insteel Industries in the 3rd quarter worth approximately $26,000. Mark Sheptoff Financial Planning LLC purchased a new position in Insteel Industries in the 2nd quarter worth $60,000. BNP Paribas Financial Markets lifted its position in Insteel Industries by 74.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 958 shares during the period. Quarry LP purchased a new stake in Insteel Industries during the 3rd quarter valued at about $89,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Insteel Industries by 30.2% in the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the industrial products company’s stock valued at $95,000 after purchasing an additional 583 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc is a leading U.S. manufacturer of fabricated steel wire reinforcing products used in concrete construction. Headquartered in Mount Airy, North Carolina, the company specializes in the production of welded wire reinforcing mesh, steel wire chairs and supports, and various accessories designed to improve the strength and durability of residential, commercial and infrastructure concrete projects. Insteel’s products are engineered to meet industry specifications for load‐bearing capacity, corrosion resistance and ease of installation.

The company operates multiple manufacturing facilities across the United States, employing automated welding and forming processes to ensure consistent product quality and efficient throughput.