Insteel Industries (NASDAQ:IIIN) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

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

Insteel Industries Trading Up 2.7 %

NASDAQ:IIIN traded up $0.87 during trading hours on Friday, hitting $32.60. The stock had a trading volume of 47,634 shares, compared to its average volume of 87,616. The business has a 50 day simple moving average of $35.58 and a two-hundred day simple moving average of $34.56. Insteel Industries has a 1-year low of $26.86 and a 1-year high of $39.38. The company has a market cap 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 Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Thursday, March 14th. Insteel Industries’s dividend payout ratio is presently 10.43%.

Insider Transactions at Insteel Industries

In related news, COO Richard Wagner sold 1,715 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were 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 directly owns 40,952 shares of the company’s stock, valued at approximately $1,480,005.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.60% of the company’s stock.

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.