Insteel Industries (NASDAQ:IIIN) Sees Strong Trading Volume

Insteel Industries, Inc. (NASDAQ:IIIN) shares saw strong trading volume on Monday . 87,724 shares changed hands during mid-day trading, a decline of 13% from the previous session’s volume of 100,618 shares.The stock last traded at $31.01 and had previously closed at $30.93.

Insteel Industries Stock Performance

The firm has a market capitalization of $608.40 million, a price-to-earnings ratio of 24.94, a P/E/G ratio of 2.56 and a beta of 1.11. The business’s 50-day moving average is $32.44 and its two-hundred day moving average is $32.91.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.09). The firm had revenue of $145.80 million during the quarter, compared to the consensus estimate of $153.04 million. Insteel Industries had a net margin of 3.67% and a return on equity of 5.78%. Insteel Industries’s quarterly revenue was down 12.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. Analysts forecast that Insteel Industries, Inc. will post 0.99 EPS for the current year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.38%. Insteel Industries’s dividend payout ratio is presently 9.68%.

Institutional Investors Weigh In On Insteel Industries

Several institutional investors have recently added to or reduced their stakes in IIIN. Isthmus Partners LLC raised its stake in shares of Insteel Industries by 6.8% in the 2nd quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 6,665 shares during the period. Scarborough Advisors LLC acquired a new position in Insteel Industries during the 4th quarter worth approximately $44,000. nVerses Capital LLC bought a new position in shares of Insteel Industries during the 2nd quarter worth approximately $121,000. Allspring Global Investments Holdings LLC lifted its position in shares of Insteel Industries by 409.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 2,685 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Insteel Industries by 8.3% during the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 585 shares during the last quarter. 83.27% of the stock is owned by institutional investors.

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.