Insteel Industries (NASDAQ:IIIN) Posts Earnings Results, Beats Estimates By $0.13 EPS

Insteel Industries (NASDAQ:IIIN) posted its quarterly earnings results on Thursday. The industrial products company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13, Briefing.com reports. Insteel Industries had a net margin of 3.71% and a return on equity of 6.16%. The company had revenue of $127.40 million for the quarter, compared to the consensus estimate of $134.89 million. During the same period last year, the company posted $0.26 EPS. The firm’s quarterly revenue was down 19.9% compared to the same quarter last year.

Insteel Industries Trading Up 2.7 %

IIIN traded up $0.87 during trading on Friday, reaching $32.60. 47,634 shares of the company’s stock were exchanged, compared to its average volume of 87,616. The firm has a fifty day moving average price of $35.58 and a two-hundred day moving average price of $34.56. The stock has a market capitalization of $634.07 million, a PE ratio of 27.77, a price-to-earnings-growth ratio of 2.19 and a beta of 1.14. Insteel Industries has a one year low of $26.86 and a one year high of $39.38.

Insteel Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Thursday, March 14th. Insteel Industries’s dividend payout ratio is currently 10.43%.

Insider Transactions at Insteel Industries

In related news, COO Richard Wagner sold 1,715 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the sale, the chief operating officer now directly owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is owned by company insiders.

About Insteel Industries

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.