Insteel Industries (NASDAQ:IIIN) Shares Gap Up – Here’s Why

Insteel Industries, Inc. (NASDAQ:IIIN) gapped up prior to trading on Thursday . The stock had previously closed at $24.83, but opened at $26.24. Insteel Industries shares last traded at $25.85, with a volume of 19,983 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com lowered Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 26th.

Insteel Industries Price Performance

The stock has a market capitalization of $503.82 million, a P/E ratio of 26.19, a price-to-earnings-growth ratio of 1.80 and a beta of 1.14. The company has a 50 day simple moving average of $28.50 and a 200-day simple moving average of $30.13.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The business had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $0.06 EPS. As a group, equities analysts forecast that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.03 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.12 annualized dividend and a yield of 0.46%. Insteel Industries’s payout ratio is currently 12.12%.

Institutional Trading of Insteel Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIIN. Cerity Partners LLC grew its position in Insteel Industries by 132.7% during the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock valued at $12,678,000 after purchasing an additional 232,514 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Insteel Industries by 26.8% in the second quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock worth $10,954,000 after buying an additional 74,791 shares during the period. American Century Companies Inc. increased its stake in shares of Insteel Industries by 14.6% in the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock worth $14,480,000 after purchasing an additional 59,591 shares in the last quarter. Jane Street Group LLC raised its holdings in Insteel Industries by 228.1% during the third quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock valued at $2,017,000 after acquiring an additional 45,115 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Insteel Industries by 43.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 145,264 shares of the industrial products company’s stock worth $4,516,000 after purchasing an additional 43,846 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.