Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. 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, topping 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 firm earned $0.34 EPS. Insteel Industries's revenue for the quarter was up 23.4% on a year-over-year basis.
Insteel Industries Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.33%. Insteel Industries's dividend payout ratio is currently 10.34%.
Hedge Funds Weigh In On Insteel Industries
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC raised its position in shares of Insteel Industries by 165.0% in the fourth quarter. Intech Investment Management LLC now owns 58,824 shares of the industrial products company's stock worth $1,589,000 after buying an additional 36,629 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Insteel Industries during the fourth quarter valued at approximately $929,000. Semanteon Capital Management LP purchased a new position in Insteel Industries in the 4th quarter worth approximately $270,000. Quantbot Technologies LP grew its position in shares of Insteel Industries by 106.5% during the 4th quarter. Quantbot Technologies LP now owns 8,008 shares of the industrial products company's stock valued at $216,000 after acquiring an additional 4,130 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Insteel Industries by 1.1% in the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company's stock worth $14,518,000 after buying an additional 5,935 shares during the period. 83.27% of the stock is owned by institutional investors and hedge funds.
Insteel Industries Trading Up 0.1%
The stock has a market capitalization of $701.32 million, a PE ratio of 36.49, a PEG ratio of 1.81 and a beta of 0.72. The firm's 50-day moving average price is $36.65 and its 200-day moving average price is $31.33.
Insteel Industries Company Profile
(
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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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