Insteel Industries (NASDAQ:IIIN) Stock Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Insteel Industries' stock crossed above its 200-day moving average, trading at $36.81 compared to the average of $32.86, indicating positive momentum.
• The company reported earnings of $0.78 per share for the last quarter, exceeding expectations and representing a 23.4% year-over-year increase in revenue.
• Insteel Industries declared a quarterly dividend of $0.03, with a dividend yield of 0.3% and a payout ratio of 7.50%, scheduled for payment on September 26th.

Shares of Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $32.86 and traded as high as $36.93. Insteel Industries shares last traded at $36.81, with a volume of 84,607 shares traded.

Insteel Industries Price Performance

The company has a market cap of $752.53 million, a P/E ratio of 39.17, a PEG ratio of 1.81 and a beta of 0.74. The stock's 50-day moving average price is $37.04 and its 200-day moving average price is $33.07.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last announced its earnings results on Thursday, July 17th. The industrial products company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.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. As a group, analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a dividend of $0.03 per share. The ex-dividend date is Friday, September 12th. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Insteel Industries's payout ratio is currently 7.50%.

Institutional Trading of Insteel Industries

Institutional investors have recently made changes to their positions in the business. Mark Sheptoff Financial Planning LLC bought a new stake in Insteel Industries during the 2nd quarter valued at $60,000. BNP Paribas Financial Markets grew its position in Insteel Industries by 74.3% in the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company's stock worth $84,000 after acquiring an additional 958 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Insteel Industries by 30.2% during the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the industrial products company's stock worth $95,000 after buying an additional 583 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Insteel Industries by 372.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the industrial products company's stock valued at $122,000 after acquiring an additional 2,588 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in Insteel Industries by 24.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,715 shares of the industrial products company's stock valued at $175,000 after buying an additional 922 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company's stock.

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.