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

Insteel Industries, Inc. (NASDAQ:IIIN) COO Richard Wagner sold 1,679 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were 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 in the company, valued at approximately $1,506,800. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Insteel Industries Stock Down 2.2%

IIIN opened at $37.27 on Friday. The firm has a 50-day moving average price of $34.45 and a 200-day moving average price of $34.66. Insteel Industries, Inc. has a twelve month low of $22.49 and a twelve month high of $41.64. The company has a market capitalization of $722.87 million, a price-to-earnings ratio of 37.65, a PEG ratio of 1.81 and a beta of 0.84.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, January 15th. The industrial products company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.33 by $0.06. 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 firm posted $0.06 earnings per share. The business’s revenue was up 23.3% compared to the same quarter last year. On average, sell-side analysts expect that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Cuts Dividend

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

Institutional Trading of Insteel Industries

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Insteel Industries by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 1,415,156 shares of the industrial products company’s stock valued at $44,818,000 after buying an additional 17,660 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Insteel Industries by 1.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 990,770 shares of the industrial products company’s stock valued at $37,986,000 after acquiring an additional 11,931 shares during the period. State Street Corp grew its stake in Insteel Industries by 0.5% during the fourth quarter. State Street Corp now owns 727,168 shares of the industrial products company’s stock valued at $23,029,000 after acquiring an additional 3,919 shares in the last quarter. Geode Capital Management LLC grew its stake in Insteel Industries by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 484,466 shares of the industrial products company’s stock valued at $15,345,000 after acquiring an additional 2,830 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Insteel Industries by 14.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 366,767 shares of the industrial products company’s stock worth $11,616,000 after acquiring an additional 46,213 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Company Profile

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.