Insteel Industries (NASDAQ:IIIN) Issues Quarterly Earnings Results

Insteel Industries (NASDAQ:IIIN) announced its earnings results on Thursday. The industrial products company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.33 by $0.06, Briefing.com reports. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.The business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share.

Insteel Industries Price Performance

Insteel Industries stock opened at $33.70 on Thursday. The firm has a 50-day moving average of $31.95 and a 200-day moving average of $35.04. The company has a market cap of $653.72 million, a price-to-earnings ratio of 34.04, a P/E/G ratio of 1.81 and a beta of 0.81. Insteel Industries has a one year low of $22.49 and a one year high of $41.64.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 11.9%. The ex-dividend date of this dividend was Friday, November 28th. Insteel Industries’s payout ratio is currently 5.71%.

Institutional Trading of Insteel Industries

A number of institutional investors and hedge funds have recently made changes to their positions in IIIN. JPMorgan Chase & Co. lifted its stake in Insteel Industries by 5.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,421 shares of the industrial products company’s stock valued at $361,000 after acquiring an additional 508 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Insteel Industries by 30.2% during 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 in the last quarter. Advisory Services Network LLC bought a new position in shares of Insteel Industries in the third quarter worth $26,000. BNP Paribas Financial Markets boosted its stake in Insteel Industries by 74.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company’s stock worth $84,000 after purchasing an additional 958 shares during the period. Finally, Captrust Financial Advisors grew its stake in Insteel Industries by 0.8% during the third quarter. Captrust Financial Advisors now owns 138,837 shares of the industrial products company’s stock valued at $5,323,000 after acquiring an additional 1,061 shares in the last quarter. 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.