Insteel Industries (NASDAQ:IIIN) Shares Gap Down – Time to Sell?

Shares of Insteel Industries, Inc. (NASDAQ:IIIN) gapped down prior to trading on Thursday . The stock had previously closed at $33.70, but opened at $31.37. Insteel Industries shares last traded at $33.2050, with a volume of 25,305 shares changing hands.

Insteel Industries Stock Down 7.0%

The stock has a 50-day moving average of $31.95 and a 200 day moving average of $35.04. The stock has a market cap of $607.77 million, a PE ratio of 31.61, a P/E/G ratio of 1.81 and a beta of 0.81.

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

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 12.8%. The ex-dividend date of this dividend was Friday, November 28th. Insteel Industries’s dividend payout ratio (DPR) is presently 5.71%.

Institutional Trading of Insteel Industries

Institutional investors have recently added to or reduced their stakes in the stock. Algert Global LLC boosted its holdings in Insteel Industries by 360.5% during the 3rd quarter. Algert Global LLC now owns 166,514 shares of the industrial products company’s stock valued at $6,384,000 after acquiring an additional 130,354 shares during the period. SG Capital Management LLC purchased a new position in shares of Insteel Industries in the third quarter valued at approximately $3,264,000. Franklin Resources Inc. grew its holdings in shares of Insteel Industries by 632.0% in the second quarter. Franklin Resources Inc. now owns 87,717 shares of the industrial products company’s stock valued at $3,264,000 after purchasing an additional 75,734 shares in the last quarter. First Trust Advisors LP purchased a new stake in Insteel Industries during the 3rd quarter worth approximately $2,332,000. Finally, Vanguard Group Inc. lifted its holdings in Insteel Industries by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,397,496 shares of the industrial products company’s stock worth $53,580,000 after buying an additional 55,712 shares in 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.