Insteel Industries (NASDAQ:IIIN - Get Free Report) issued its quarterly earnings results on Thursday. The industrial products company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.22 by $0.13, Briefing.com reports. The company had revenue of $127.40 million for the quarter, compared to the consensus estimate of $134.89 million. Insteel Industries had a net margin of 3.71% and a return on equity of 6.16%. The firm's revenue was down 19.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS.
Insteel Industries Price Performance
IIIN stock traded up $0.63 during mid-day trading on Friday, reaching $32.36. The company had a trading volume of 128,633 shares, compared to its average volume of 88,626. The firm has a 50 day moving average of $35.58 and a 200 day moving average of $34.56. Insteel Industries has a 12 month low of $26.86 and a 12 month high of $39.38. The company has a market capitalization of $629.40 million, a PE ratio of 27.77, a price-to-earnings-growth ratio of 2.19 and a beta of 1.14.
Insteel Industries Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.03 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. Insteel Industries's dividend payout ratio is currently 10.43%.
Insider Transactions at Insteel Industries
In other news, COO Richard Wagner sold 1,715 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $36.14, for a total value of $61,980.10. Following the completion of the sale, the chief operating officer now owns 40,952 shares of the company's stock, valued at approximately $1,480,005.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.60% of the company's stock.
About Insteel Industries
(
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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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