Insteel Industries (NASDAQ:IIIN) COO Sells $63,247.93 in Stock

Insteel Industries, Inc. (NASDAQ:IIIN) COO Richard Wagner sold 1,679 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $37.67, for a total transaction of $63,247.93. Following the sale, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at approximately $1,506,800. The trade was a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Insteel Industries Stock Performance

IIIN traded down $0.85 during midday trading on Friday, reaching $37.26. 12,380 shares of the company were exchanged, compared to its average volume of 144,134. The stock’s 50-day simple moving average is $34.34 and its 200 day simple moving average is $34.67. The stock has a market capitalization of $722.69 million, a P/E ratio of 37.64, a PEG ratio of 1.81 and a beta of 0.84. Insteel Industries, Inc. has a one year low of $22.49 and a one year high of $41.64.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 15th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.06. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. On average, research analysts anticipate that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, March 13th. Insteel Industries’s dividend payout ratio is presently 4.94%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC purchased a new stake in shares of Insteel Industries during the third quarter worth about $26,000. Mark Sheptoff Financial Planning LLC bought a new position in Insteel Industries during the 2nd quarter valued at $60,000. BNP Paribas Financial Markets boosted its position in shares of Insteel Industries by 74.3% in the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company’s stock worth $84,000 after buying an additional 958 shares during the period. Quarry LP purchased a new position in Insteel Industries during the 3rd quarter valued at about $89,000. Finally, Smartleaf Asset Management LLC increased its stake in Insteel Industries by 30.2% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the industrial products company’s stock valued at $95,000 after buying an additional 583 shares during the period. Hedge funds and other institutional investors 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.