Insteel Industries (NYSE:IIIN) Shares Gap Down Following Weak Earnings

Insteel Industries, Inc. (NYSE:IIIN) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $36.60, but opened at $30.00. Insteel Industries shares last traded at $31.1450, with a volume of 83,167 shares.

The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.53). The company had revenue of $172.65 million during the quarter. Insteel Industries had a return on equity of 13.51% and a net margin of 7.01%.The firm’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. Insteel Industries’s dividend payout ratio is 4.94%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Insider Activity

In other news, COO Richard Wagner sold 1,679 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $37.67, for a total value of $63,247.93. Following the completion of the transaction, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at $1,506,800. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Insteel Industries

Institutional investors have recently modified their holdings of the business. SG Capital Management LLC bought a new position in Insteel Industries during the third quarter valued at $3,264,000. Public Sector Pension Investment Board grew its holdings in Insteel Industries by 44.0% during the third quarter. Public Sector Pension Investment Board now owns 95,338 shares of the company’s stock valued at $3,655,000 after purchasing an additional 29,139 shares during the period. Tredje AP fonden bought a new position in Insteel Industries during the third quarter valued at $832,000. SG Americas Securities LLC grew its holdings in Insteel Industries by 97.9% during the third quarter. SG Americas Securities LLC now owns 32,532 shares of the company’s stock valued at $1,247,000 after purchasing an additional 16,093 shares during the period. Finally, GSA Capital Partners LLP grew its holdings in Insteel Industries by 234.8% during the third quarter. GSA Capital Partners LLP now owns 36,275 shares of the company’s stock valued at $1,391,000 after purchasing an additional 25,440 shares during the period. 83.27% of the stock is owned by institutional investors.

Insteel Industries Price Performance

The firm has a fifty day simple moving average of $35.04 and a two-hundred day simple moving average of $33.65. The firm has a market capitalization of $603.62 million, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 1.03 and a beta of 0.83.

About Insteel Industries

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.