Insteel Industries (NASDAQ:IIIN) Trading Down 7.4%

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) dropped 7.4% on Thursday . The company traded as low as $31.26 and last traded at $31.60. Approximately 34,490 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 86,043 shares. The stock had previously closed at $34.12.

Insteel Industries Price Performance

The stock has a 50 day simple moving average of $35.58 and a two-hundred day simple moving average of $34.56. The company has a market cap of $617.15 million, a PE ratio of 27.59, a PEG ratio of 2.23 and a beta of 1.14.

Insteel Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Thursday, March 14th. Insteel Industries's dividend payout ratio is currently 10.43%.

Insider Buying and Selling 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 stock was sold at an average price of $36.14, for a total transaction of $61,980.10. Following the completion of the sale, the chief operating officer now owns 40,952 shares in the company, valued at $1,480,005.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Insteel Industries

Several large investors have recently modified their holdings of IIIN. SG Americas Securities LLC purchased a new stake in shares of Insteel Industries during the third quarter worth approximately $162,000. RDA Financial Network grew its holdings in Insteel Industries by 9.5% during the third quarter. RDA Financial Network now owns 9,847 shares of the industrial products company's stock worth $320,000 after acquiring an additional 857 shares during the period. Linden Thomas Advisory Services LLC grew its holdings in Insteel Industries by 14.7% during the third quarter. Linden Thomas Advisory Services LLC now owns 7,852 shares of the industrial products company's stock worth $255,000 after acquiring an additional 1,007 shares during the period. Drake & Associates LLC grew its holdings in Insteel Industries by 21.6% during the third quarter. Drake & Associates LLC now owns 15,224 shares of the industrial products company's stock worth $494,000 after acquiring an additional 2,708 shares during the period. Finally, Canal Capital Management LLC acquired a new position in Insteel Industries during the third quarter worth $3,478,000. 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.

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