Insteel Industries, Inc. (IIIN) Releases Earnings Results, Misses Expectations By $0.17 EPS
Insteel Industries, Inc. (NASDAQ:IIIN) released its quarterly earnings results on Thursday. The industrial products company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by $0.17, MarketWatch Earnings reports. Insteel Industries had a net margin of 8.52% and a return on equity of 16.51%. The firm had revenue of $96.90 million during the quarter, compared to the consensus estimate of $122.39 million. During the same quarter in the prior year, the business posted $0.71 earnings per share. The firm’s quarterly revenue was down 16.2% on a year-over-year basis.
Shares of Insteel Industries (IIIN) opened at 32.41 on Thursday. Insteel Industries has a 1-year low of $22.50 and a 1-year high of $42.81. The company has a 50-day moving average of $32.32 and a 200-day moving average of $34.55. The firm has a market capitalization of $616.60 million, a PE ratio of 17.65 and a beta of 2.16.
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend was Wednesday, June 14th. Insteel Industries’s dividend payout ratio (DPR) is presently 6.52%.
In related news, VP Richard Wagner sold 10,732 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $31.62, for a total transaction of $339,345.84. Following the sale, the vice president now directly owns 27,500 shares in the company, valued at $869,550. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is currently owned by corporate insiders.
Separately, Sidoti assumed coverage on shares of Insteel Industries in a report on Wednesday, March 22nd. They issued a “buy” rating on the stock.
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Insteel Industries Company Profile
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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