Insteel Industries (NASDAQ:IIIN) Releases Earnings Results

Key Points

• Insteel Industries reported an earnings per share (EPS) of $0.74 for the quarter, falling short of analysts' expectations of $0.79.
• The company announced a quarterly dividend of $0.03 per share, resulting in an annualized dividend yield of 0.3%.
• Hedge funds significantly increased their holdings in Insteel Industries, with notable inflows including a 372.4% increase by Tower Research Capital during the second quarter.

Insteel Industries (NASDAQ:IIIN - Get Free Report) announced its quarterly earnings data on Thursday. The industrial products company reported $0.74 EPS for the quarter, missing analysts' consensus estimates of $0.79 by ($0.05), Briefing.com reports. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. During the same quarter in the previous year, the company earned $0.24 earnings per share. The business's quarterly revenue was up 32.0% on a year-over-year basis.

Insteel Industries Price Performance

NASDAQ IIIN opened at $37.47 on Thursday. The firm's fifty day moving average price is $37.99 and its 200 day moving average price is $35.55. The company has a market capitalization of $727.35 million, a price-to-earnings ratio of 37.85, a price-to-earnings-growth ratio of 1.81 and a beta of 0.79. Insteel Industries has a 12 month low of $22.49 and a 12 month high of $41.64.

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, September 12th. Insteel Industries's dividend payout ratio (DPR) is 7.50%.

Insider Activity at Insteel Industries

In related news, SVP James R. York sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $38.50, for a total value of $115,500.00. Following the transaction, the senior vice president directly owned 9,443 shares of the company's stock, valued at $363,555.50. This trade represents a 24.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IIIN. BNP Paribas Financial Markets grew its position in shares of Insteel Industries by 74.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company's stock valued at $84,000 after buying an additional 958 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Insteel Industries by 30.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the industrial products company's stock worth $95,000 after purchasing an additional 583 shares during the period. Tower Research Capital LLC TRC boosted its stake in Insteel Industries by 372.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the industrial products company's stock worth $122,000 after purchasing an additional 2,588 shares during the period. Quantbot Technologies LP acquired a new stake in Insteel Industries during the 2nd quarter worth $220,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Insteel Industries during the 1st quarter worth $225,000. 83.27% of the stock is owned by hedge funds and other institutional investors.

Insteel Industries Company Profile

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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