Insteel Industries (NASDAQ:IIIN) COO Richard Wagner Sells 1,679 Shares

Insteel Industries, Inc. (NASDAQ:IIIN) COO Richard Wagner sold 1,679 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the sale, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at $1,506,800. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Insteel Industries Stock Down 2.2%

Shares of NASDAQ:IIIN opened at $37.27 on Friday. Insteel Industries, Inc. has a 12-month low of $22.49 and a 12-month high of $41.64. The company’s 50 day moving average price is $34.45 and its two-hundred day moving average price is $34.68. The firm has a market cap of $722.87 million, a PE ratio of 37.65, a PEG ratio of 1.81 and a beta of 0.84.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 15th. The industrial products company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.06. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 earnings per share. On average, research analysts expect that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Friday, March 13th. Insteel Industries’s dividend payout ratio is presently 4.94%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IIIN. Advisory Services Network LLC acquired a new position in Insteel Industries during the third quarter valued at approximately $26,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of Insteel Industries in the 2nd quarter valued at $60,000. BNP Paribas Financial Markets raised its holdings in shares of Insteel Industries by 74.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,248 shares of the industrial products company’s stock worth $84,000 after buying an additional 958 shares in the last quarter. Quarry LP bought a new stake in shares of Insteel Industries during the 3rd quarter worth $89,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of 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 buying an additional 583 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc is a leading U.S. manufacturer of fabricated steel wire reinforcing products used in concrete construction. Headquartered in Mount Airy, North Carolina, the company specializes in the production of welded wire reinforcing mesh, steel wire chairs and supports, and various accessories designed to improve the strength and durability of residential, commercial and infrastructure concrete projects. Insteel’s products are engineered to meet industry specifications for load?bearing capacity, corrosion resistance and ease of installation.

The company operates multiple manufacturing facilities across the United States, employing automated welding and forming processes to ensure consistent product quality and efficient throughput.