Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) VP Scot R. Jafroodi sold 500 shares of the firm’s stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $43.54, for a total value of $21,770.00. Following the sale, the vice president now owns 37,796 shares in the company, valued at approximately $1,645,637.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
NASDAQ IIIN opened at $43.67 on Wednesday. The stock’s 50-day simple moving average is $40.61 and its two-hundred day simple moving average is $39.83. Insteel Industries, Inc. has a twelve month low of $30.12 and a twelve month high of $47.70. The company has a market capitalization of $848.94 million, a price-to-earnings ratio of 8.10 and a beta of 1.25.
Insteel Industries (NASDAQ:IIIN – Get Rating) last released its quarterly earnings results on Thursday, April 21st. The industrial products company reported $1.99 earnings per share for the quarter. The business had revenue of $213.21 million for the quarter. Insteel Industries had a return on equity of 35.52% and a net margin of 14.60%.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 10th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $0.12 annualized dividend and a dividend yield of 0.27%. Insteel Industries’s dividend payout ratio is currently 2.23%.
Separately, StockNews.com initiated coverage on Insteel Industries in a research report on Thursday, March 31st. They set a “strong-buy” rating on the stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in IIIN. Voya Investment Management LLC increased its holdings in Insteel Industries by 1.6% during the 3rd quarter. Voya Investment Management LLC now owns 15,900 shares of the industrial products company’s stock valued at $605,000 after purchasing an additional 243 shares during the period. California State Teachers Retirement System increased its holdings in Insteel Industries by 1.0% during the 3rd quarter. California State Teachers Retirement System now owns 25,932 shares of the industrial products company’s stock valued at $987,000 after purchasing an additional 267 shares during the period. Baystate Wealth Management LLC increased its holdings in Insteel Industries by 60.2% during the 1st quarter. Baystate Wealth Management LLC now owns 1,059 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 398 shares during the period. Koshinski Asset Management Inc. boosted its position in Insteel Industries by 5.6% during the 4th quarter. Koshinski Asset Management Inc. now owns 9,538 shares of the industrial products company’s stock valued at $380,000 after acquiring an additional 504 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in Insteel Industries by 14.8% during the 4th quarter. Lazard Asset Management LLC now owns 3,998 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 516 shares in the last quarter. Hedge funds and other institutional investors own 78.59% of the company’s stock.
Insteel Industries Company Profile (Get Rating)
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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