Insteel Industries (NASDAQ:IIIN) Stock Price Down 7.4%

Insteel Industries, Inc. (NASDAQ:IIIN) shares fell 7.4% during mid-day trading on Thursday . The stock traded as low as $31.26 and last traded at $31.60. 34,490 shares changed hands during trading, a decline of 60% from the average session volume of 86,043 shares. The stock had previously closed at $34.12.

Insteel Industries Stock Performance

The firm has a 50 day moving average of $35.58 and a two-hundred day moving average of $34.56. The stock has a market cap of $617.15 million, a P/E ratio of 27.59, a P/E/G ratio of 2.23 and a beta of 1.14.

Insteel Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Thursday, March 14th. Insteel Industries’s dividend payout ratio (DPR) is currently 10.43%.

Insider Buying and Selling at Insteel Industries

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

Institutional Investors Weigh In On Insteel Industries

Large investors have recently bought and sold shares of the business. Scarborough Advisors LLC purchased a new position in Insteel Industries in the fourth quarter worth about $44,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Insteel Industries by 80.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,254 shares of the industrial products company’s stock worth $73,000 after acquiring an additional 1,006 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Insteel Industries by 60.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 1,400 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Insteel Industries during the 3rd quarter valued at $162,000. Finally, Arizona State Retirement System purchased a new stake in Insteel Industries during the 4th quarter valued at $208,000. 83.27% of the stock is currently owned by institutional investors.

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.