Insteel Industries (NASDAQ:IIIN) Announces Earnings Results, Beats Estimates By $0.13 EPS

Insteel Industries (NASDAQ:IIIN) announced its quarterly earnings results on Thursday. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13, Briefing.com reports. The company had revenue of $127.40 million for the quarter, compared to analysts’ expectations of $134.89 million. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. Insteel Industries’s revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.26 EPS.

Insteel Industries Stock Performance

IIIN opened at $32.36 on Friday. The stock has a market capitalization of $629.40 million, a P/E ratio of 25.59, a P/E/G ratio of 2.03 and a beta of 1.14. The company’s 50-day simple moving average is $35.49 and its two-hundred day simple moving average is $34.54. Insteel Industries has a 52-week low of $26.86 and a 52-week high of $39.38.

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 dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.37%. The ex-dividend date was Thursday, March 14th. Insteel Industries’s dividend payout ratio is currently 9.68%.

Insider Buying and Selling at Insteel Industries

In other Insteel Industries news, COO Richard Wagner sold 1,715 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total transaction of $61,980.10. Following the transaction, the chief operating officer now owns 40,952 shares in the company, valued at approximately $1,480,005.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.60% 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.