Insteel Industries (NASDAQ:IIIN) COO Richard Wagner Sells 1,679 Shares

Insteel Industries, Inc. (NASDAQ:IIIN) COO Richard Wagner sold 1,679 shares of Insteel Industries stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $37.67, for a total value of $63,247.93. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Insteel Industries Stock Down 2.2%

IIIN stock traded down $0.85 during midday trading on Friday, reaching $37.26. 12,380 shares of the company’s stock traded hands, compared to its average volume of 144,134. Insteel Industries, Inc. has a 1-year low of $22.49 and a 1-year high of $41.64. The company has a market cap of $722.69 million, a price-to-earnings ratio of 37.64, a PEG ratio of 1.81 and a beta of 0.84. The company has a 50-day simple moving average of $34.34 and a two-hundred day simple moving average of $34.67.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data 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 return on equity of 5.91% and a net margin of 3.58%.Insteel Industries’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 EPS. Equities research analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.03 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.12 annualized dividend and a yield of 0.3%. Insteel Industries’s dividend payout ratio (DPR) is currently 4.94%.

Hedge Funds Weigh In On Insteel Industries

A number of large investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its holdings in shares of Insteel Industries by 632.0% in the second quarter. Franklin Resources Inc. now owns 87,717 shares of the industrial products company’s stock valued at $3,264,000 after purchasing an additional 75,734 shares in the last quarter. Public Sector Pension Investment Board raised its stake in Insteel Industries by 44.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 95,338 shares of the industrial products company’s stock worth $3,655,000 after acquiring an additional 29,139 shares in the last quarter. SG Capital Management LLC acquired a new position in Insteel Industries during the third quarter worth approximately $3,264,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Insteel Industries in the 2nd quarter valued at $768,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Insteel Industries during the second quarter worth about $1,025,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

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.