Insteel Industries (NASDAQ:IIIN) announced its quarterly earnings data on Thursday. The industrial products company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02), Morningstar.com reports. The firm had revenue of $97.74 million during the quarter, compared to the consensus estimate of $94.90 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 earnings per share.
Shares of Insteel Industries (IIIN) traded up $1.81 during mid-day trading on Friday, reaching $31.64. The company’s stock had a trading volume of 474,000 shares, compared to its average volume of 143,067. Insteel Industries has a 12 month low of $23.20 and a 12 month high of $39.20. The firm has a market capitalization of $567.99, a P/E ratio of 26.81 and a beta of 2.11.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of Insteel Industries stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the transaction, the vice president now directly owns 14,788 shares in the company, valued at $400,902.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.70% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC boosted its stake in Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after acquiring an additional 181 shares during the period. Oppenheimer & Close LLC acquired a new position in Insteel Industries in the third quarter valued at approximately $203,000. Stifel Financial Corp acquired a new position in Insteel Industries in the third quarter valued at approximately $204,000. Oppenheimer & Co. Inc. acquired a new position in Insteel Industries in the third quarter valued at approximately $217,000. Finally, Louisiana State Employees Retirement System acquired a new position in Insteel Industries in the fourth quarter valued at approximately $221,000. Institutional investors own 81.03% of the company’s stock.
IIIN has been the subject of several research analyst reports. TheStreet lowered Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Sidoti initiated coverage on Insteel Industries in a report on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective for the company.
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About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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