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Insteel Industries (NASDAQ:IIIN) Reaches New 52-Week High on Strong Earnings

Insteel Industries logo with Industrials background

Shares of Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $41.64 and last traded at $38.75, with a volume of 89110 shares changing hands. The stock had previously closed at $38.52.

The industrial products company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. During the same period in the previous year, the business posted $0.34 earnings per share. The business's quarterly revenue was up 23.4% on a year-over-year basis.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date was Friday, June 13th. Insteel Industries's payout ratio is 10.34%.

Institutional Trading of Insteel Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC boosted its position in Insteel Industries by 53.9% in the 4th quarter. Millennium Management LLC now owns 71,938 shares of the industrial products company's stock valued at $1,943,000 after buying an additional 25,204 shares during the period. GAMMA Investing LLC boosted its position in Insteel Industries by 23,382.1% in the 1st quarter. GAMMA Investing LLC now owns 13,150 shares of the industrial products company's stock valued at $3,460,000 after buying an additional 13,094 shares during the period. Two Sigma Advisers LP boosted its position in Insteel Industries by 209.8% in the 4th quarter. Two Sigma Advisers LP now owns 37,800 shares of the industrial products company's stock valued at $1,021,000 after buying an additional 25,600 shares during the period. Teacher Retirement System of Texas purchased a new position in Insteel Industries in the 4th quarter valued at approximately $929,000. Finally, Squarepoint Ops LLC boosted its position in Insteel Industries by 17.0% in the 4th quarter. Squarepoint Ops LLC now owns 12,473 shares of the industrial products company's stock valued at $337,000 after buying an additional 1,813 shares during the period. Hedge funds and other institutional investors own 83.27% of the company's stock.

Insteel Industries Trading Up 0.4%

The stock's fifty day moving average price is $36.62 and its two-hundred day moving average price is $31.14. The firm has a market capitalization of $750.68 million, a price-to-earnings ratio of 39.27, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72.

About Insteel Industries

(Get Free Report)

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.

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