Insider Selling: Insteel Industries (NYSE:IIIN) COO Sells $49,708.40 in Stock

Insteel Industries, Inc. (NYSE:IIIN) COO Richard Wagner sold 1,640 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction of $49,708.40. Following the transaction, the chief operating officer owned 40,000 shares of the company’s stock, valued at $1,212,400. This represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Insteel Industries Trading Down 0.5%

Shares of NYSE:IIIN opened at $30.48 on Friday. Insteel Industries, Inc. has a 12-month low of $24.35 and a 12-month high of $39.91. The business has a 50 day moving average of $30.94 and a two-hundred day moving average of $31.06. The company has a market capitalization of $590.09 million, a PE ratio of 16.39, a PEG ratio of 1.60 and a beta of 0.50.

Insteel Industries (NYSE:IIIN) last posted its earnings results on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. The firm had revenue of $197.66 million during the quarter. During the same period last year, the firm earned $0.78 earnings per share. Equities research analysts predict that Insteel Industries, Inc. will post 1.59 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Insteel Industries’s payout ratio is currently 6.45%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on IIIN shares. Weiss Ratings raised Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Wall Street Zen raised Insteel Industries from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Zacks Research upgraded Insteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy”.

Hedge Funds Weigh In On Insteel Industries

A number of institutional investors and hedge funds have recently modified their holdings of IIIN. AQR Capital Management LLC increased its holdings in shares of Insteel Industries by 12.4% in the 1st quarter. AQR Capital Management LLC now owns 155,949 shares of the company’s stock valued at $4,101,000 after acquiring an additional 17,168 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Insteel Industries during the first quarter worth approximately $225,000. Quantbot Technologies LP acquired a new position in Insteel Industries in the second quarter valued at approximately $220,000. Arrowstreet Capital Limited Partnership boosted its holdings in Insteel Industries by 28.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 123,667 shares of the company’s stock valued at $4,602,000 after purchasing an additional 27,702 shares in the last quarter. Finally, Jump Financial LLC increased its stake in Insteel Industries by 94.3% in the second quarter. Jump Financial LLC now owns 17,369 shares of the company’s stock valued at $646,000 after purchasing an additional 8,429 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Company Profile

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.