Insteel Industries (NASDAQ:IIIN) Shares Gap Up to $31.22

Insteel Industries, Inc. (NASDAQ:IIIN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $31.22, but opened at $32.88. Insteel Industries shares last traded at $32.96, with a volume of 5,940 shares changing hands.

Insteel Industries Trading Down 1.9 %

The company’s fifty day simple moving average is $31.49 and its 200 day simple moving average is $33.93. The firm has a market capitalization of $630.18 million, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 1.68 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.13. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. 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 company earned $0.26 earnings per share. Insteel Industries’s quarterly revenue was down 19.9% on a year-over-year basis. On average, analysts predict that Insteel Industries, Inc. will post 1.55 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.37%. Insteel Industries’s dividend payout ratio (DPR) is 9.68%.

Hedge Funds Weigh In On Insteel Industries

A number of institutional investors have recently added to or reduced their stakes in IIIN. Scarborough Advisors LLC bought a new stake in shares of Insteel Industries during the 4th quarter valued at $44,000. Public Employees Retirement System of Ohio boosted its stake in Insteel Industries by 60.9% during the third 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. Allspring Global Investments Holdings LLC grew its holdings in Insteel Industries by 409.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 2,685 shares during the period. Arizona State Retirement System bought a new position in shares of Insteel Industries during the fourth quarter valued at approximately $208,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Insteel Industries during the fourth quarter valued at approximately $223,000. Institutional investors own 83.27% 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.