Insteel Industries (NASDAQ:IIIN) Shares Gap Down to $32.25

Insteel Industries, Inc. (NASDAQ:IIIN) gapped down prior to trading on Thursday . The stock had previously closed at $32.25, but opened at $29.34. Insteel Industries shares last traded at $32.09, with a volume of 15,823 shares trading hands.

Insteel Industries Trading Up 0.2 %

The stock’s fifty day moving average is $31.47 and its two-hundred day moving average is $33.92. The firm has a market cap of $629.40 million, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 2.45 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. The business had revenue of $127.40 million for the quarter, compared to analyst estimates of $134.89 million. During the same quarter in the prior year, the firm posted $0.26 EPS. Insteel Industries’s revenue was down 19.9% on a year-over-year basis. On average, analysts forecast that Insteel Industries, Inc. will post 1.12 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.03 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. Insteel Industries’s dividend payout ratio is presently 9.68%.

Hedge Funds Weigh In On Insteel Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Scarborough Advisors LLC purchased a new position in Insteel Industries in the 4th quarter worth approximately $44,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Insteel Industries by 409.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 2,685 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Insteel Industries by 60.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,700 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 1,400 shares in the last quarter. Arizona State Retirement System purchased a new stake in shares of Insteel Industries in the 4th quarter valued at $208,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Insteel Industries in the 4th quarter valued at $223,000. Hedge funds and other 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.